(a) In general.—(1) Except as provided in clause (1) of this subsection, the personal or real property of an eligible business under the provisions of clauses (5), (8), (12) and (13) of subsection (k) of § 10831 of this title, used in the operation of the activity covered by a decree, shall enjoy a ninety percent (90%) exemption from municipal and state taxes during the exemption period set forth in § 10836 of this title.(2) The personal and real property of an eligible business described in clauses (5), (8), (12) and (13) of subsection (k) of § 10831 of this title shall be fully exempt from personal and real property taxes during the first five (5) years counting from the date it began operations.(b) Other rules.— Taxes on personal and real property shall be appraised, levied, notified, and administered pursuant to §§ 5001 et seq. of Title 21, known as the 'Municipal Property Tax Act'. History —Jan. 17, 2012, No. 20, § 5; Oct. 13, 2014, No. 173, § 17.
Puerto Rico Legal Code