CRIM collections of delinquent property taxes exceeding projections
By The Star Staff
Municipal Revenue Collections Center (CRIM by its Spanish acronym) Executive Director Reinaldo Paniagua Látimer says the entity has surpassed projections in property tax collections after allowing delinquent property owners the opportunity to settle their debts with discounts.
The first of three phases, which ended Feb. 28, allowed delinquent property owners to pay overdue debts with a 55% discount. Revenues, Paniagua Látimer said, exceeded projections as CRIM has $185.3 million so far and officials are still counting.
He said CRIM allowed property owners who have disputes related to their debt until March 15 to file their claims. Also CRIM has yet to count payments that taxpayers made in the banks.
“On February 28, the first of three phases ended, which was a 55% discount on the principal for debts due in or before 2016,” Paniagua Látimer said. “Homeowners who became delinquent on their property taxes from 2017 to 2020 were allowed to pay all of the principal debt, without interest, penalties or surcharges.”
“On day 28 of what was our projection, which was $150 million to $175 million, we already exceeded it; we have $185.3 million, but we still haven’t finished counting, because you’ll remember, we gave people who wanted to claim a chance to file the claim,” he noted. “The process ends on March 15, and also there are the payments that have reached the banks. But we are totally sure and confident that when we finish counting revenues from this first phase we will reach and exceed the $200 million; we are over the projections.”
The second phase of the staggered discount plan for payment of overdue debts began last Tuesday. Taxpayers will be able to benefit from a 40% discount without surcharges or penalties, in the payment of overdue property taxes accumulated until 2016 to the CRIM as stipulated in the “Special Regulation for Taxpayer Benefits for Debt Payment” approved by CRIM and endorsed by the Financial Oversight and Management Board, he said. Those who owned taxes from the years 2017 to 2020 will have to pay the principal plus interest.
In the third phase of the tax program, delinquent taxpayers will get a 25% discount on the principal of overdue property taxes accumulated until 2016.