The luxury homes tax will be collected in January 2020. The Government has updated the details of this tax, which has amounted to ₡4.500 million by October. Specifically, the Treasury updated tax ranges.
The homes whose value exceeds ₡133.1 million (Approx $235,000) are required to declare and pay the solidarity tax, also known as the “luxury homes tax” which goes to strengthening social housing programs in the country.
Housing valued between ₡133.1 million (Approx $235,000) and ₡334 (Approx $591,000) million will pay 0.25% of the property value. As the home value goes up, so does the tax percentage.
To calculate the value of homes, many things are considered including the value of the construction, additions such as pools, and the land value. There are about 4,000 home owners who must cancel the tax.
