Property Taxes in Dominican Republic
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Transfer Taxes
 

The tax on property transfer is three percent (3%) of the sales value, established in the sale / purchase contract or the price resulting from the valuation established by the tax department (DGII), whichever price is higher. The tax must be paid within the 6 following months to the signature of the definite sale / purchase contract. The payment of the property purchase tax make you to the legal owner regarding the dominican laws and in the face of the goverment.

 

New Property Law for Real Estate.

 

This new law came into effect January 1st, 2013, and the main changes are:

 

1.- Properties owned by an individual and assessed by the government below 6.5 Million Pesos 143,172 USD ( 45,4 pesos = 1 USD ; 24.1.2016 ) will be exempt of yearly property taxes and any excess will pay 1% per year.


2.- The value for all the properties that a person have will be added together and 6.5 Million Pesos will be exempt of yearly property taxes and the excess will pay 1% per year.


3.- There were no changes to corporate owned properties. All properties owned by a company will pay 1% per year of the assessed value with no exemptions.


 

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