P.R. Laws tit. 21, § 5067
All personal property existing in Puerto Rico shall be assessed in the name of its respective owner, or of the person who, as provided in this part, is liable for the tax in the municipality where he/she resides as of the first of January, except that the personal property such as articles, effects, merchandise and other stock, and the machinery used in certain branches of manufacturing or in any industry or business, including among said machinery that which has been leased and is being used through an agreement in which the payment of a fee is stipulated, equine and any other type of livestock, and any other personal property which is permanently located in a municipality, shall be assessed for the levying of taxes in the name of its respective owners or of the person who, as provided in this part, is liable for the taxes of this part in the municipality where such property is located. The shares of banks that do business in Puerto Rico shall be assessed and charged to their owners in the municipality in which said banks are located, in the manner provided below, and the personal property consisting of telephone devices, special telephone equipment, tools and instruments, automobile repair equipment and any other personal property that although located in Puerto Rico, the municipality where they are located cannot be identified, and that are owned by a person who operates or provides any telecommunication services in Puerto Rico, shall be assessed and charged to their owners and the assessed valuation shall be distributed among the municipalities according to the formula provided below. Said distribution rule shall not apply to the personal property owned by a person who only operates or provides long distance intrastate and interstate telephone services in Puerto Rico.
History —Aug. 30, 1991, No. 83, § 3.17; June 24, 1998, No. 95, § 5.