» Real Estate Exam Online Review Classes - click here for details...
» Real Estate Exam Online Review Members' Area - click here to LOGIN
» Real Estate Exam Online Review Members' Area - click here to LOGIN
Realty Tax
RESAR on Apr 23 2009 | Filed under: Real Estate Seminar Tips
There are three basic kinds of Realty Tax:
1. Basic Realty Tax – 1% to 2% of the Assessed Value
(Provincial – 1%; Metro Manila – 2%)
2. Special Education Fund (SEF) – 1% of the Assessed Value
3. Idle Land Tax – not to exceed 5% of the Assessed Value
These taxes are paid to the Treasurer’s Office. Since those percentage values are fixed, you need to memorize them. The exam questions will not reveal those values.
There are other taxes related to Local Taxation.
There are other things you will need to consider:
- Transfer Tax (paid to Treasurer’s Office)
- Business Tax (depending on the location of the property)
- Registration Fee (paid to the Registry of Deeds)
- Cost of new Tax Declaration (paid to Assessor’s Office)
To-Do: Find out where the Business Tax is paid.
It is better to go to the office, to ensure that you have the latest assessment level. Sometimes, the values you see in the websites are not the current ones.
I haven’t seen a website containing assessment levels as determined by the Assessor’s Office, though.
Where does one get the assessed value for a particular property aside from going to the city assessor’s office? Is this available online similar to the zonal values which are available at BIR’s website?