Annual property taxes on a house or condo are 0.25% of the value of the property found in the municipal records. The tax is paid annually at your local municipality. If you forget to pay the tax or somehow miss the due date, you’ll owe an additional fine of a few dollars. If your property is found on a maritime zone concession, your annual property taxes amount to 5% of the assessed value and function more like a lease, since you don’t own the property. Be aware that the municipality can send someone to reassess the value of a property at any time, and especially in the waterfront locations of maritime zone concessions, the value can go up sharply over just a few years. This has happened in the past, and it’s bound to happen again in some fast-developing areas.