P.R. Laws tit. 21, § 6604
The imposts charged on benefits or profits constitute a burden and a tacit lawful lien on real property levied in proportion to the benefits or profits received or to be received from an improvement project or projects. The amount of the imposts charged on benefits or profits shall not exceed the benefits or profits received by the real property as determined by the association.
The proceeds of the collections on account of the imposts on charged for benefits or profits or the bonds secured thereby shall be used solely to finance the improvement project or projects for which they were imposed, or to amortize the loan contracted to develop said projects. However, the trust contract or the resolution of the association providing for the bond issue may provide for the proceeds to be invested pending their application, under the terms and conditions provided in the resolution of the association approving the bond issue or the corresponding trust contract.
A property that is exempted from the payment of property taxes pursuant to an administrative determination made by a public entity, a municipality or the Governor of Puerto Rico, under any government incentives program, shall not be exempt from the payment of the imposts on charges for benefits or profits. Property belonging to the Government of the United States of America, to the Commonwealth of Puerto Rico or any of its instrumentalities, corporations or departments, to any municipality, or to the hotel development corporation, located within a tourism improvements district, shall be exempt from the payment of the imposts on charges for benefits or profits.
History —Aug. 8, 1998, No. 207, § 1.006, eff. 60 days after Aug. 8, 1998.