Philippines Real Estate Tax

Posted in Guides on March 25th, 2010 by admin | No comments
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Real Estate Tax

Real estate tax is levied on Philippine real property and the applicable rate varies depending on the location. The maximum rate that a city or municipality within Metro Manila may impose is 1% while cities and municipalities outside Metro Manila may levy the tax at the rate not exceeding 2%. The owner has the option to pay the tax in four equal installments on or before the last day of each calendar quarter.

Calculating the Property’s Assessed Value
The tax is levied on the property’s assessed value (which is a prescribed percentage of current fair market value depending on actual use and zoning of property). In computing for the taxable value, the property’s fair market value is determined and the assessment percentage is then applied. The resulting amount is the tax base where the real estate tax rate is applied.

ASSESSMENT LEVELS ON BUILDINGS
AND OTHER IMPROVEMENTS

FAIR MARKET VALUE, PHP ASSESSMENT LEVEL
Up to 175,000 nil
175,001 – 300,000 10%
300,001 – 500,000 20%
500,001 – 750,000 25%
750,001 – 1 million 30%
1 million – 2 million 35%
2 million – 5 million 40%
5 million – 10 million 50%
Over 10 million 60%

ASSESSMENT LEVELS ON LAND

CLASSIFICATION ASSESSMENT LEVEL
Residential 20%
Agricultural 40%
Commercial/ Industrial 50%
Mineral 50%
Timberland 20%

Property owners are required to file a sworn statement declaring the true (current and fair market value) of their property once every three years. The filing period is from 01 January to 30 June annually.

Source: Global Property Guide

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