Author Topic: Property Tax  (Read 1540 times)

Offline BingColin

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Property Tax
« on: March 20, 2012, 05:57:00 PM »
We are in the process of trying to sort out our property tax. Does anyone have any idea, ballpark figure, for the annual tax per P1M of the house value?

e.g. what would an estimate be for a P5M house?

Offline RUFUS

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Re: Property Tax
« Reply #1 on: March 20, 2012, 10:31:20 PM »
Here is a site that may be of some help.
It is from 2007, but should aid you to get a ballpark figure.

http://realestate.cebunetwork.com/13/computing-real-property-taxes-in-the-philippines/
SO SAYETH THE RUFUS

Offline BingColin

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Re: Property Tax
« Reply #2 on: March 21, 2012, 02:27:26 PM »
Here is a site that may be of some help.
It is from 2007, but should aid you to get a ballpark figure.

http://realestate.cebunetwork.com/13/computing-real-property-taxes-in-the-philippines/


Thanks Rufus. The website mainly talks about assessment levels for land only which seems to be around 20% of the Fair Market Value (FMV). If there are improvements such as houses, they are assessed separately and use a different assessment level. We now need to find out the assessment level used here for houses. Having calculated that, we then need to know the rate of tax used here, which is set by the government at a maximum of 2%. I think that is how it works ???

Offline BingColin

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Re: Property Tax
« Reply #3 on: March 21, 2012, 03:06:27 PM »
Just did some more research, and found most of the information here http://www.chanrobles.com/presidentialdecreeno464.htm.

For houses with a Fair Market Value of over P500k the assessment value is 80%, less for lower valued houses. You then apply the local tax rate which is 1% - 2% to give the annual tax. This tax does not appear to be payable until after January of the following year, and is subject to a discount of 20% if paid before the end of march.

Offline Metz

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Re: Property Tax
« Reply #4 on: March 21, 2012, 08:33:38 PM »
A lot of it depends on the city. †Here it is 12k yearly for 4.5m value house, with 10% discount if paid on time and 20% discount if paid early.


 


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