CHAPTER 2 – APPRAISAL AND Evaluation OF Serious Assets
SEC. 201. Appraisal of Actual Assets. – All genuine residence, irrespective of whether taxable or exempt, shall be appraised at the recent and reasonable market place worth prevailing in the locality exactly where the property is located. The Department of Finance shall promulgate the essential procedures and polices for the classification, appraisal, and evaluation of real assets pursuant to the provisions of this Code.
SEC. 202. Declaration of Authentic Property by the Owner or Administrator. – It shall be the obligation of all people, normal or juridical, possessing or administering authentic residence, together with the enhancements therein, inside a town or municipality, or their duly approved agent, to put together, or trigger to be well prepared, and file with the provincial, town or municipal assessor, a sworn assertion declaring the correct value of their assets, whether earlier declared or undeclared, taxable or exempt, which shall be the current and truthful market place price of the home, as identified by the declarant. These kinds of declaration shall comprise a description of the assets sufficient in element to allow the assessor or his deputy to determine the exact same for evaluation functions. The sworn declaration of real assets herein referred to shall be filed with the assessor worried as soon as each 3 (3) years through the time period from January first (1st) to June thirtieth (30th) commencing with the calendar 12 months 1992.
SEC. 203. Duty of Man or woman Obtaining Authentic Residence or Generating Enhancement Thereon. – It shall also be the obligation of any person, or his approved consultant, getting at any time authentic residence in any municipality or town or earning any enhancement on serious assets, to get ready, or bring about to be well prepared, and file with the provincial, metropolis or municipal assessor, a sworn statement declaring the true value of subject residence, inside sixty (60) times after the acquisition of these kinds of property or on completion or occupancy of the advancement, whichever arrives before.
SEC. 204. Declaration of Actual House by the Assessor. – When any man or woman, all-natural or juridical, by whom authentic house is essential to be declared less than Portion 202 hereof, refuses or fails for any explanation to make such declaration inside the time prescribed, the provincial, town or municipal assessor shall himself declare the home in the identify of the defaulting proprietor, if regarded, or in opposition to an mysterious owner, as the case may possibly be, and shall assess the property for taxation in accordance with the provision of this Title. No oath shall be required of a declaration as a result built by the provincial, town or municipal assessor.
Taxes – The Bottom Line
In accordance to the web site under, the tax on assessed value is 1% of assessed value in the provinces and 1 1/2 to 2% in towns. The assessed value ranges from a standard 20% to as large as 60% on large price enhancements. So, an enhancement with a marketplace value of P1,000,000 might be assessed at P300,000 and a 1% tax of P3,000 levied. More information is offered at:
The 2011 market price of our home and whole lot are assessed at P892,500. The assessed worth of the property and good deal is P260,550. Our annual residence taxes will be P5,200 or about U$ 130.00. If paid out in advance (in December for illustration) a 20% price reduction applies so our 2012 taxes ought to be about P4,200 or about $100 USD.