2023 Laws of Puerto Rico › TITLE TWENTY-ONE - Municipalities (§§ 1-4 — 6756) › Subtitle 7 - Municipal Property Tax (§§ 5001 — 6756) › PART I (§§ 5001 — 5252) › Chapter 243 - Tax Registry Survey, Classification and Assessment of Property (§§ 5051 — 5099b) › § 5082 - Personal and real property—Appraisal of personal property

The personal property of institutions, corporations and companies incorporated under the laws of Puerto Rico apart from banking institutions with issued stock, shall be appraised by the Collection Center as belonging to such institutions, corporations and companies as provided by this section. The present cash value of the capital of said corporations shall be fixed by the Collection Center pursuant to the sworn statements of the presidents, directors or any other officials at the head of such corporations, as required by § 5083 of this title, or on the basis of any other trustworthy report that the Collection Center has or acquires, and in no case shall the present cash value be less than the value of the capital and bonds, plus the surplus and undivided earnings of said institutions, corporations and companies; nor shall it be less than the market value of the real estate and personal property of said institutions, corporations and companies, and said personal property shall include all rights, franchises and concessions.
The total value of the real property of said corporations which is the product of the appraisal verified according to the provisions of § 5081 of this title, shall be deducted from the appraisal obtained in this manner; and the rest shall be deemed to represent the personal property of said corporations that will be taxed.
In the case of banks or financial institutions with issued stock incorporated under the laws of Puerto Rico, the tax on personal property shall be levied on the total market value of the assets and personal property belonging to said institutions The personal property of banking institutions consisting of cash accounts shall be appraised on the basis of the average monthly balance of each account as revealed in the institution’s accounting books kept during the calendar year prior to the appraisal date. The term cash account shall be understood to mean all the accounts covered under the cash concept without including the balances of the accounts deposited in other financial institutions.
The assessment made as of the first of January, of telephone devices, tools and instruments, automobile repair equipment and any other personal property related to the line telecommunication service by personal cellular telephone telecommunication service which, although located in Puerto Rico, the municipality where they are located cannot be identified, and that are owned by any person who operates or provides any line telecommunication services and personal cellular telephone telecommunication services in Puerto Rico, shall be distributed among the municipalities in the same proportion that, to that date:
(a) The total number of voice channels that said person has installed in each municipality maintains in relation to;
(b) the total number of voice channels that said person has installed in all the municipalities.
The assessment made as of the first of January, of telephone devices, tools and instruments, automobile repair equipment and any other personal property related to personal telecommunication services, that although located in Puerto Rico, the municipality where they are located cannot be identified, and that are owned by any person who operates or provides any line telecommunication service and personal cellular telecommunication service in Puerto Rico, shall be distributed among the municipalities in the same proportion that, as of that date:
(a) The total number of frequencies for personal beeper telecommunications that said person has installed in each municipality, maintains in relation to;
(b) the total number of frequencies for personal beeper telecommunications that said person has installed in all the municipalities.
History —Aug. 30, 1991, No. 83, § 3.32; June 24, 1998, No. 95, § 8.