Do People in Puerto Rico Pay Property Taxes?

All real property in Puerto Rico is subject to taxation except for property that serves as a primary residence and is valued at less than $150,000. All personal property is subject to taxation at a rate determined by the individual municipalities. While real property is assessed by the Municipal Revenue Collections Center, personal property is self-assessed and is self-reported. Certain industries enjoy exemption from property tax in Puerto Rico, including agriculture and international financial entities.