The Basics Of Real Estate Property Tax in Valenzuela City
The Valenzuela City government impose taxes in order to gather funds for the development of a certain country. In the Philippines, and just like any other country, the government requires the people to pay certain taxes. If you own a Valenzuela City property, such as a homeowner, it is your obligation to pay real estate property tax. Here are some of the basic and important things to know about such type of tax.
A real estate property tax is a kind of tax that the government imposes on a person who owns or administers any type of property. If you are a homeowner, you will need to pay this tax every year. In case you are wondering where you need to pay such tax, you will have to go to the treasurer’s office in your own city or municipality. If you fail to do so, the local government unit in your place will get your Valenzuela City property and auction it off to others. There are actually a lot of people who are interested to buy auctioned properties since they are cheaper.
There are two methods that you can employ in order to make your payment. First, you can pay such tax on a yearly basis. If you decide to pay the tax in full, you should do so on or before January 31. Typically, those who pay before the due date may enjoy discounts of up to 20%. Second, you can also pay your tax in an installment basis. In this case, the due date is the last day of every quarter. If you are unable to pay when your tax is already due, then, there will be an additional two percent imposed on the total balance.
You might want to know how much you will be paying as real estate property tax. In this case, you can compute such tax by multiplying the assessed value of your property by the tax rate. The assessed value of your property depends on the assessment that the city or municipality assessor will do on the property. Usually, you will see the assessed value on the Tax Declaration. With regards to the tax rate, it is two percent for cities and also municipalities that are within Metro Manila. On the other hand, it is 1% for provinces outside Metro Manila.