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Costa Rica to raise property taxes on luxury homes

Knowing that low property taxes are one of the attractions of Costa Rica property, we were a bit concerned when we read on our recent trip to Costa Rica that property taxes were going to increase. Putting it in perspective, though, property taxes there at the new rate are still 1/3 of the rates here in Florida.

Below is an explanation from my colleague and friend, Yalile Alpizar, in San Jose. She’s also a fellow member of Who’s Who in Luxury Real Estate.

Yalile Alpizar of Costa Rica Luxury Estates

Yalile Alpizar of Costa Rica Luxury Estates

The Solidary Tax or Impuesto Solidario será recolectado por el Ministerio de Hacienda con base en la siguiente tabla de cálculo
By Yalile Alpizar, President CostaRicaLuxuryEstates  Dated: Jun 26, 2009

Numbers are in millions of colones:
Below 100 exent
above 100 up to 250 0.25%
above 250 up to 500 0.30%
above 500 up to 750 0.35%
above 750 up to 1,000 0.40%
above 1,000 up to 1,250 0.45%
above 1,250 up to 1,500 0.50%
above 1,500 and above 0.55%
The new tax will be applied over a period of ten years starting on July 2009. The income produced by this
tax will be used for erradication of tugurios or shack homes. The government has calculated that there are
approximately 40,000 shack homes in Costa Rica.
Owners will be asked to declare their fiscal value of their property every three years. Values are based on
the value of the constructions and the value of the land is not part of the calculations.
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