Array
Real Estate

This Is The Most Common Real Estate Tax Mistake

Make sure you know the difference between these two terms

Shares
Original Article: Faye Valencia Photography: Pexels

Aside from not creating an estate plan for your heirs, one of the most common mistakes is to assume that the Real Property Tax and the Estate Tax are the same. Joseph A. Bamba, a financial adviser, explains the differences between the two: 

Real Property Tax or Amilyar is a type of tax levied on your property by the local government that you pay annually, during the first quarter of the year. 

READ: Real Property Tax Deadlines You Need To Know

Estate Tax is the type of tax, levied by the government on a person upon death, that has to be settled within six months after the person passes away. Considered part of the estate of the deceased person are "money in the bank, investments like stocks and bonds, jewlery, cars, real estate properties, and other personal effects that are considered of value."

READ: How To Divide Inherited Property Among Children

You must make sure that your tax payments are up-to-date and correct, so that your heirs will not be saddled by penalties and added tax obligations meted out by the Bureau of Internal Revenue (BIR). 

This snippet is originally from "Right Here, Right Now: Starter Guide To Estate Planning", which originally appeared in the May 2015 issue of Good Housekeeping Magazine Philippines. 

More on Realliving.com.ph

Shares

Latest Stories

Amoy Kulob at Mabaho? Here Are Ways to Keep Your Home Smelling Fresh

Because a beautiful house needs to smell good, too

Those School Buildings We Grew Up With Are Called Gabaldons

The President recently signed a law that mandates their conservation

These Are The Reasons Why You Have a Messy Home

Manage the clutter in your house with these tips from an interior designer

Which One is Best for Your Home: A Diffuser or A Humidifier?

Here is a quick guide between a diffuser and humidifier to help you decide which one is better for your space

How to Avoid Bad Luck in the Year of the Pig

They say you shouldn't wear black or white on Chinese New Year. Are you familiar with such taboos?

12 Decluttering Tips We Can Learn from Tidying Up With Marie Kondo

Achieving a clean, organized, and welcoming home can be easy

How Often Should You Wash Your Pillows?

Heads-up: The pillows we use are filled with germs and bacteria!

How to Survive If You Only Have One Bathroom at Home

Here's how you can make the small, shared space clean and functional

A Tiny 21sqm Studio Unit Undergoes A Needed Makeover

Interior designer Kat Villanueva-Lopez worked with clever storage solutions, multifunctional furniture, and sleek finishes to turn the cluttered space into a haven for a family of three

Done with KonMari? Here's Where You Can Donate Old Clothes and More

Make someone else happy by donating your pre-loved items!

7 Ways to Use Hooks Around the House

From organizing the kitchen to displaying your favorite plants, your pack of hooks can go a long way!

How to Correctly Clean Kitchen Counterops and Other Surfaces Your Child Touches

Your kitchen countertop is one of the dirtiest surfaces at home
Load More Stories

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