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U.S. Territories Puerto Rico, Guam, U.S. Virgin Islands, etc.
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Old 06-14-2009, 09:00 AM
 
99 posts, read 354,338 times
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I have a quick question. I was told that if you purchase a home in Puerto Rico that you do not own the land is this true?

Thanks guys
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Old 06-14-2009, 10:04 AM
 
Location: Scranton
1,384 posts, read 2,800,731 times
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That's mostly not true. On very few places, mostly slums, people have built homes without owning the land. If the land is privately owned, they might have to pay rent to the owner's family estate. If they built on government land, the government may sell them the land after 30 years. However, more than 95% of the homes there are sitting on their own land. A bank will not finance a home if the house doesn't come with the land included.
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Old 06-14-2009, 10:11 AM
 
Location: Scranton
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On a positive note, property taxes down there are insanely cheap. You can claim an exemption on your primary residence, which in many cases eliminates your tax liability completely. Otherwise, your taxes are most likely to be under $500 per year.
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Old 06-14-2009, 01:05 PM
 
99 posts, read 354,338 times
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Thank you for answering
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Old 06-17-2009, 11:09 AM
 
Location: Puerto Rico
177 posts, read 883,210 times
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Quote:
Originally Posted by Trucker7 View Post
On a positive note, property taxes down there are insanely cheap. You can claim an exemption on your primary residence, which in many cases eliminates your tax liability completely. Otherwise, your taxes are most likely to be under $500 per year.
This is the exact reason for which the public school system is so bad here. But then again, in the mainland you may be paying up to $8k tax on your property for as long as you own it. So, if you send your children to a private school in PR then you have to finance their education for at least 12 years. And all comes out even...
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