Hello,
My name is Tyler and my wife and our four kids (ages 3 months to five years old), will be moving to Puerto Rico this summer. I have read many postings on this blog, and most of my questions have been answered that way, but some remain. We are planning on buying a house, and since we will be living in temporary housing (likely have to rent a vacation home), I am very curious how long on average it took from having an offer accepted on a home to closing.
Also, I have read a couple things about property taxes, to include the notion that they are much lower in Puerto Rico than most places on the mainland, and that you pay something like 1.03% on any value above $150,000. That seems to good to be true. Any insight? And I read that as a veteran you are exempt from property tax for 10 years, but the CRIM website didn't say much about that, only that veterans get a $5,000 exemption on the taxable value of their primary residence. Any advice would be very helpful.
I understand there is a big debate going on over the possible imposition of a 16% VAT and the concurrent elimination of income taxes on all income up to $80,000 for a married couple. How likely is that to become law?
Okay, thanks a ton for any help that can be provided.
Regards,
Tyler
