Array
Money Matters

Real Property Tax Deadlines You Need to Know

Don't forget to settle your account as one of the quarterly deadlines is coming soon

Shares
Photography: Pexels (Main Photo)

One of the golden rules of property ownership is this: Don’t forget to pay your real property tax (RPT) on time. Otherwise, you may end up regretting it. According to Hazel Nicolasora of Uy, Nicolasora and Associates, Co. Tax and Accounting Services, non-payment of RPT or amelyar, as it is called in the vernacular, will give the local government the right to auction your property.

Payment for RPT is made at the Treasurer’s Office of the city or municipality where your property is located. (Other city governments offer more convenient payment options such as GCash or bank ATM.) Nicolasora gives us a snapshot of how basic RPT is computed: RPT Rate x Assessed Value = Real Property Tax


ADVERTISEMENT - CONTINUE READING BELOW
CONTINUE READING BELOW
Recommended Videos

The maximum RPT rate for cities and municipalities within Metro Manila is at 2 percent; while in provinces, it’s 1 percent.

“The assessed value is the fair market value (FMV) of the property multiplied by the assessment level,” Nicolasora explains. “The assessment level is the percentage applied to the FMV depending on its classification whether residential, agricultural, commercial, industrial, timberland, and mineral.”

Note that RPT for stand-alone houses and condominium units may differ depending on their assessed value.

Remember These Dates


ADVERTISEMENT - CONTINUE READING BELOW

Property owners can opt to pay annually or by installment. For annual payments, local government units offer certain discounts if RPT is settled before a specific date. In Quezon City, for instance, owners can avail of a 20 percent discount if you pay before March 31. In Marikina City, the discount can run from 10 to 50 percent depending if you pay on December of the previous year or before March 31 of the current year. The due date for annual RPT payment is on or before January 31.

Installment payment options are also available. Owners can opt to pay in four quarterly installments, due on or before the last day of each quarter:

  • March 31
  • June 30
  • September 30
  • December 31

 

Making advance payments may entitle you to “a discount not exceeding 20 percent of the annual tax due,” according to Nicolasora.


ADVERTISEMENT - CONTINUE READING BELOW

On the other hand, what are the consequences of ignoring these deadlines and defaulting on your RPT payments?

“Before buying property, one must be ready for the responsibility it brings, like payment of RPT on time. In case of failure to pay on time, an interest of 2 percent per month is imposed on the unpaid amount. This can go up to a maximum of 72 percent,” explains Nicolasora.

Some local government units offer a reprieve via a “tax amnesty” on interests and penalties. Just get in touch with the Treasurer’s Office for more details.

Got questions about real estate? We'd love to help! Send your questions to reallivingonline[at]gmail.com or send us a message on Facebook. We might answer and feature your queries online.

More on Realliving.com.ph

Shares

Read more stories about

Latest Stories

A Hotel-Like Makeover for a One-Bedroom Condo Unit

Take a peek inside this posh 39sqm home!

7 Split Type Aircon Brands That Are 'Matipid sa kuryente', According to Moms

They can be pricey but are sulit in the long run!

Janice de Belen's Kitchen Is Perfect for Those Who Love to Cook

Every kitchen essential is placed somewhere it can be easily seen.

This High-Ceiling Glass House in Ayala Alabang Is Breathtaking

The living area looks like a hotel lobby!

Where to Buy Floor Chairs in Manila For Your Tiny Home

These legless seats make great accent pieces for small spaces.

Twins Turn Their 32sqm Condo Unit Into a Warm, Cozy Home

They've been working on it for 10 months!

Gray Walls and Wooden Furniture Give This Pampanga Cafe a Relaxing Vibe

Amand Coffee Bar has the best selfie spots, too!

This Wireless Mini Vacuum Will Make Cleaning a Breeze

It's perfect for cleaning those hard-to-reach areas!

Andrea Brillantes Finally Completes Her Dream Family Home After 10 Years

'You were my longest and most difficult dream to come true.'

What's The Difference Between An Air Fryer and A Turbo Broiler?

These two appliances have more in common than you think.
Load More Stories

Get inspiring design ideas and handy hints.
Subscribe to our newsletter now!