I’ve heard about the new law, the Impulso a la Vivienda or Puerto Rico Housing Stimulus, that Governor Fortuño recently passed. Basically it sounds like they are trying to spur growth in the housing sector by encouraging more construction and more sales of existing houses. It seems the thinking is similar to the U.S. mainland use of the tax credits to spur more home buying.

I am not sure how much CRIM, sellos y estampillas (property taxes, seals and stamps) normally cost, but it sounds like with this program they will be waived for a period of 5 years if you buy a house between September 1, 2010 and June 30, 2011! 

We’ve received conflicting information about property taxes in Puerto Rico and housing in general. It’s hard to find accurate information as every person we talk to has a different interpretation. Some people have even told us there is no property tax!? In any case, it sounds like good news for people like us who may buy a Puerto Rican house within this time period.

To read more about this new law check out this Caribbean Business article or this blog post.