Property values to be updated by the end of the year

October 22^nd, 2014 (InsideCostaRica.com) The official values of all real estate in the country used for taxation purposes will be updated by the end of the year as the result of updates to the Technical Standards Directives (ONT), a tool provided by the Ministry of Finance to municipalities to determine property values which is updated every five years.

The last update to the ONTs was in 2010.

Each municipality receives its own updated ONT values, which will come into effect as each municipality publishes the values in the official government newspaper, La Gaceta.

Officials with the Directorate General of Taxation said that taxpayers who disagree with the new values assigned to their properties can file a dispute with their municipality.