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Realty Tax

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.

RESAR Online Review for Real Estate Brokers

2 Responses to “Realty Tax”

  1. on 21 May 2009 at 6:42 am RESAR

    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.

  2. on 21 May 2009 at 1:39 am Jay Castillo

    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?

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