Table chart for calculation of Solidary tax for luxury homes in Costa Rica

PR Log (Press Release) – 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 market value of the constructions and the value of the land.