- Published: Wednesday, January 8, 2020-
Jan. 15 is deadline to pay luxury house tax
By the A.M. Costa Rica staff
The Solidarity Tax for the Strengthening of Housing Programs, known as luxury homes tax, is already being collected.
According to Decree No. 42106-H, published in the official government newspaper La Gaceta in December, the tax must be paid before Jan. 15 by the owners of all properties with a value of over 133 million colones, about $233,790-plus.
The solidarity tax is levied on the value of the real estate for residential use, used on a regular, occasional or recreational basis, including under construction, fixed and permanent installations.
Every three years, an affidavit should also be presented declaring the updated fiscal value of the real estate. If it exceeds the value recorded by the administration, the new declared value automatically modifies the applicable tax base for the fiscal period in which it is declared, said the ministry.
When the property belongs to several co-owners, they must declare it jointly.
The owner of two or more adjoining or overlapping properties must accumulate them in a single declaration for the purposes of the tax, the ministry said.
In the condominium property system, the declaration of each condominium must include the proportional value that belongs to it of the common areas.
In case of transfer of ownership of the real estate, the new owner will be jointly liable for the tax payment of the fiscal period in force at the date of acquisition, as well as the interest, according to the current rules.
According to the Ministry of Finance, those who do not pay by the established dates will be fined based on the amount of the tax.
The amount to be paid is calculated by the Tax Administration Department, based on a table with a range of amounts, that applies according to the value of the property.
Inquiries about the value of the tax can be made at the Ministry of Finance lines (506) 2539-4647 or (506) 2284-5000
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Have you heard of cases in tax payments for luxury units within condominiums in your community? We would like to know your thoughts on this story. Send your comments to news@amcostarica.com.
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