226d

Those eligible properties, as defined in § 226n of this title, which are newly-constructed, substantially rehabilitated or subject to improvements in a special planning zone in Santurce shall have the right to a real estate tax exemption. This exemption shall be of one hundred (100) percent of the property tax imposed, and shall be for a term of ten (10) years. The exemption shall become effective as of January 1, after the year that the property is constructed, is subject to improvements, or is substantially rehabilitated. The Municipal Revenue Collection Center shall establish the procedure for petitioning this exemption through regulations. History —Aug. 4, 1988, No. 148, p. 618, § 5; Dec. 27, 1995, No. 254, § 1; Apr. 17, 2003, No. 110, § 1.