CRIM property tax, and how it is split at closing

How CRIM tax is calculated

• Assessed value, not market value. Assessments generally rely on historical values from the 1950s, so they are usually far below today's prices. New construction is assessed when CRIM appraises it.
• Municipal rates. Each municipality's combined rate, a state component plus a municipal component, generally ranges from about 8% to 12% of assessed value.
• Principal residence exemption. One home per taxpayer may be exempted up to $15,000 of assessed value. You must identify the property as your main residence and request the benefit from CRIM.
• Payment. Annual bills are payable in two semiannual installments; late payment carries surcharges. Confirm current due dates with CRIM.

Because assessments use old values, two similar homes can carry very different tax bills. Ask for the actual CRIM statement for any property you are considering; it is one of the details we verify on every ORAVISTA record.

Before you close

• Get a CRIM debt certification showing no unpaid taxes on the property.
• Confirm the cadastral number matches the deed.
• After closing, the change of owner filing sends future bills to you. If it will be your primary residence, request the exemption.

Questions

Who collects property tax in Puerto Rico?

CRIM, the Municipal Revenue Collection Center, assesses property, applies municipal rates, collects the tax, and administers exemptions.

Is there a homestead exemption in Puerto Rico?

Yes. A taxpayer's principal residence may be exempted up to $15,000 of assessed value, for one home. Request it from CRIM.

How is property tax split at closing in Puerto Rico?

The current semiannual installment is prorated by days: the seller pays for the days before closing and the buyer from closing onward. If the seller already paid, the buyer reimburses the seller's overpayment at closing.