The director of the Department of Taxes (DGII), Juan Hernandez estimates that the application of the property tax, formerly known as the tax on luxury housing and vacant lots, to industrial buildings, hotels and villas will more than make up for the loss of income resulting from an increase of the tax base from RD$3 million to RD$5 million. Juan Hernandez, the DGII director, said that he expected RD$700 million to enter from these taxes. Law 288-04 broadenend the tax base for the property tax in the Dominican Republic, adding industrial buildings, business offices and hotel properties. Resort villas, previously excluded from taxation, were also included if their value is assessed at more than RD$5 million.