Those eligible properties that are constructed, subject to substantial rehabilitation or improvements in a Special Planning Zone in Castañer within a period of fifteen (15) years after said Zone was designated pursuant to the provisions of this chapter, shall be entitled to an exemption for the purpose of real property taxes. This exemption shall be of one hundred percent (100%) of the property tax for a term of ten (10) years. The exemption shall be effective from the first of January following the year in which the property is subject to new construction, substantial rehabilitation or improvement. The Municipal Revenue Collection Center shall establish the procedure for the people to benefit from this exemption through regulations.\nHistory —Mar. 15, 1996, No. 14, § 6; Aug. 10, 2009, No. 65, § 1.
Puerto Rico Legal Code