Puerto Rico’s Center for Collection of Municipal Revenue Announces Property Tax Relief Program

The Center for Collection of Municipal Revenue (CRIM) announced in late October that it will be offering a temporary program to relieve taxpayers from the payment of interest, penalties, and surcharges on outstanding real property tax debts. The program includes substantial discounts to pay tax debts for fiscal years prior to 2016–2017. To qualify for this program, taxpayers are required to pay their real estate property taxes for the years 2020–2021 and 2021–2022. The potential benefits to the taxpayer (based on fiscal year) are as follows:

Debts for fiscal years 2019–2020, 2018–2019, 2017–2018, and 2016–2017 

• If the payment is made between November 5, 2021 and January 31, 2022, the taxpayer will pay only the tax, with no interest, surcharges, or penalties.
• If the payment is made between February 1, 2022 and April 30, 2022, the taxpayer will pay the tax and interest but no surcharges or penalties. 

Debts for fiscal years prior to 2016–2017

• If the payment is made between November 5, 2021 and January 31, 2022, the taxpayer will be entitled to a 55% discount of the tax debt, with no interest, surcharges, or penalties.
• If the payment is made between February 1, 2022 and April 30, 2022, the taxpayer will be entitled to a 40% discount of the tax debt, with no interest, surcharges, or penalties.
• If the payment is made between May 1, 2022 and June 30, 2022, the taxpayer will be entitled to a 25% discount of the tax debt, with no interest, surcharges, or penalties.

Ryan’s property tax experts are available to answer any questions regarding this new program as well as assist clients in applying to this program. If your company owns real property in Puerto Rico, we encourage you to reach out to our team to ensure you qualify and receive the full discount for your organization.

TECHNICAL INFORMATION CONTACT:

Michael Allen
Principal
Ryan
954.740.6240
michael.allen@ryan.com

The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.