CRIM opens 90-day property tax amnesty

Written by  //  July 14, 2011  //  Government  //  No comments

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The CRIM opened a 90-day property tax amnesty Wednesday.

Property owners who are in arrears on their tax payments to the Municipal Revenue Collections Center have until Oct. 11 to take advantage of a temporary amnesty that grants the full elimination of interest, penalties and charges over the debt.

The 90-day amnesty that went into effect Wednesday is the result of Law 94 of June 16, 2011.

The law states that the tax benefit applicable to real estate properties will be available for tax years 2009-2010 and earlier. In terms of personal property debt, the benefit will apply to tax year 2008, filed in 2009 and tax returns filed before that year. The benefit of applying a 50 percent discount off the principal of the debt older than 10 years will rewind back to taxable year 2000 and older.

To qualify, taxpayers need to have paid their property taxes for 2010-2011 and the first semester of 2011-2012. Furthermore, the taxpayer needs to have filed their 2009 and 2010 returns to take advantage of the amnesty, according to a document released by the agency known as CRIM in Spanish.

This is the first property tax amnesty to take place this year. The last one ended December 2010, through which the agency collected $83 million in outstanding payments from taxpayers. This time around, there is no set goal as to how much CRIM is looking to shore up, an agency official told News is my Business.

Different to prior amnesties, this time, taxpayers looking for relief from CRIM need not be current with the Treasury Department’s special property tax.

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