P.R. Laws tit. 23, § 7006
Those eligible properties, as defined in § 7001 of this title, which are being newly built, substantially rehabilitated or subject to improvements and are located in a special planning zone in Barrio Río Piedras, within a period of five (5) years as of the effective date of this act, shall be entitled to exemption from payment of real property taxes. This exemption shall cover one hundred percent (100%) of the taxes on the taxable property for a term of ten (10) years. The exemption shall be effective from January 1, following the year in which the property has been built, subject to improvements or substantially rehabilitated. The Municipal Revenues Collection Center shall establish, through regulations, the procedures through which this exemption is to be granted. This exemption shall not apply to any construction, rehabilitation or improvements initiated or completed before or after five (5) years from the effective date of this act.
History —July 5, 1995, No. 75, § 5; July 17, 2009, No. 39, § 1.