Facts About The Real Property Tax On Your San Pedro, Laguna House
Philippine law requires anyone who owns a property anywhere in the Philippines, like in San Pedro, Laguna to pay real property tax. This is one of the many responsibilities that a homeowner has. However, many first time homeowners do not know such expense and you might probably be one of them. In this case, here are some facts that you need to know about the Philippine real property tax.
The amount that you have to pay depends on which specific area your property is located in San Pedro, Laguna. In this case, your property will undergo an assessment to determine its fair market value. This assessment is usually done by the city or municipal surveyor. This value will then be multiplied with the tax rate. The rate is 2% for the whole Metro Manila and 1% for other places. You can actually see the payable amount on the Tax Declaration document.
After knowing such amount, you will need to go to the City or Municipal Treasurer’s Office in San Pedro, Laguna to make your payment. In some cities, you can actually pay online which is more convenient for most taxpayers. Either way, you need to make sure to get a receipt and keep it for your records.
If you opt to pay the full amount for the year, you should make such payment before January 31. However, you may also opt to make your payment in installment. In this case, you need to pay on or prior to the last day each quarter.
There is actually a benefit that you can take advantage of if you will make your payment in advance. You might be able to enjoy discounts on the amount of real property tax that you have to pay if you do so. The amount of such discount depends on where your house is situated. There are some cities that offer even up to 50% discount for any taxpayer who pays in advance.
In case you fail to pay your property tax for a specific quarter or year, you will surely incur penalties. Every month, a late payment will have a surcharge of two percent. If you still will not pay for a certain duration, the local government may seize your property and auction it to the public.
