Property(s) owned by an individual and assessed by the DGII (DR tax-office) below around 145,000 US) will be exempt from yearly property taxes and any excess will pay 1% per year over that difference. All properties owned by a company will pay 1% per year of the assessed value with no exemptions. The following properties are exempt from paying real estate tax: farm/rural properties, homes whose owner is 65 years old or older (and has no other property in his or her name), and properties owned by companies, which pay a separate tax on their company assets.