Costa Rica Luxury Tax on Property

Just a quick note to everyone out there who owns a home in Costa Rica that's valued at more than $170,000, you will be expected to pay the new luxury tax. There is plenty of time to get things in order, but according to some recent things I've been reading, it's not all that easy to calculate, and it's on you as the owner to calculate correctly. Get with your accountant and legal advisor to get your side in order. The penalties for not doing anything, or filing incorrectly, can supposedly range from five to ten times the amount you owe!! This is all still in its early phases, so I'd expect this thing to continually change as it comes into reality over the next year. But don't get caught with your pants down folks. See you in the water.