Market Value

Posted in QA on April 4th, 2011 by admin | No comments
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Question:

We bought a lot with a depreciated house 3 months ago and we immediately proceed with the improvements. We want to process the transfer of title now. What should be the value that we are going to declare with assessors office since the property has already improvements. We bought the house and lot at Php325,000.00, we spent 500k in the improvements.

Can you also provide an estimate how much we are going to spend with the transfer of title..

Answer:

Declare it at Peso 825.000.00 which is the market value. The Real Estate Property Tax = Peso 825,000.00 X 20% X 2% = Peso 3,300.00.

To transfer the title under your name: you have to pay the documentary stamp tax of 1.5% + transfer tax ( Peso 825,000.00 or
market value declared by BIR X 1% X 75% ) + registration fee + assessor office’s fee ( about Peso 250.00 ).

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