In regards to the tax exemption, any property that is worth 6,500,000 Dominican Pesos (+/-US$160,000) and under, according to government assessed value and not purchase price or market value is tax exempt. The government assessed value is a lot less than purchase price or market value. If the government assessed value exceeds 6,500,000 Dominican Pesos (+/-US$160,000), the first $6,500,000 Dominican Pesos (+/-US$160,000) are exempt and you pay 1% on the amount that exceeds 6,500,000 Dominican Pesos (+/-US$160,000). For example, assessed value 7,500,000 Dominican Pesos (+/-US$185,000), first 6,500,000 Dominican Pesos (+/-US$160,000) exempt, 1,000,000 Dominican Pesos (+/-US$25,000) additional only pay 1% or 10,000 Dominican Pesos (+/-US$250) per year. A Property that has a government assessed value of 7,500,000 Dominican Pesos (+/-US$185,000), probably has a market value of 11,000,000 Dominican Pesos (+/-US$275,000) or more.
|