A 1% annual tax is assessed on property owned by individuals.
For constructed property the 1% is calculated only for values exceeding 6.5 million pesos ($151,000 US). This is based n the government assessed value, which is generally less than market value. For unbuilt lots, the 1% tax is calculated on the actual appraised value without the 6.5 million pesos exemption. Individuals must pay this tax every year on or before March 11, or in two equal instalments: 50% on or before March 11, and the remaining 50%, on or before September 11.
The RD$6.5 million pesos threshold is adjusted annually for inflation.
The following properties are exempt from this tax:
(1) Built properties valued at RD$6,500,000 or below.
(2) Farm properties.
(3) Properties whose owners are 65 years old or older, who have owned it for more than 15 years and have no other property in their name.
(4) Properties subject to the Tax on Assets
Properties owned corporately pay 1% of the government assessed value of the assets of the company.