P.R. Laws tit. 13, § 10724
(a) The buyer of a newly-built property between November 1, 2011 and June 30, 2013, shall be fully exempt for a five (5)-year term from real property taxes under §§ 5001 et seq. of Title 21, and/or Act No. 71-2009, with respect to such property. Such exemption shall be allowed for a term of five (5) years and shall apply commencing on January 1, 2011, and ending on December 31, 2018.
(b) Any acquirer or qualified institutional investor that acquires an eligible housing from July 1 st, 2013, but not later than on December 31 st, 2017 shall be fully exempt from real property tax imposed pursuant to the provisions of §§ 5001 et seq. of Title 21, for a term of five (5) years with respect to such property. The exemption shall be for a maximum term of five (5) years and shall be applicable as of January 1 st, 2011 and ending not later than December 31 st, 2022. It is hereby provided that this exemption shall likewise apply to any acquirer that buys an eligible housing unit from a qualified institutional investor, provided that it is the first sale made by the investor after the his initial acquisition.
History —Nov. 1, 2011, No. 216, § 5; Dec. 30, 2011, No. 288, § 5; Dec. 21, 2012, No. 303, § 4; July 22, 2013, No. 68, § 3; Nov. 17, 2015, No. 187, § 100.