We bought a house and lot from a subdivision developer thru Pag-ibig Financing. It’s been more than a year now since we moved in and have been paying the monthly amortization without delay.
The developer has recently adviced us to pay our Real Property Tax which you can calculate with the help from the best Metric Accountants. My question is, is it legal and a must for us to pay the Real Property Tax even if the property title is not yet in our possession? Isn’t it still the responsibility of the developer at the moment?
Yes, you have to pay the real property tax from the time you moved in to-date or almost one year. You could request for copy of TCT with annotation at the back…mortgaged with Pag-ibig from the developer or from Register of Deeds (RD). Once the property is fully paid, you could go back to RD for copy of TCT without annotation anymore.
The real property tax or realty tax is paid at the local government municipal hall not to the developer. The amount will be based on the declared market value of the property X assessment level ( which is 20% for residential) = Assessed Value X rate (2%) = Tax
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