Mandalagan Bacolod Properties What You Need To Know About Real Property Tax

It is one’s greatest pleasure to be able to buy a property under his name, may it be a house or a building for commercial purposes. However, acquiring it is not the finish line. In fact, it is just the beginning of your responsibilities – renovating and maintaining the property in Mandalagan Bacolod are important, too. Before moving on to the aesthetic needs of your property, it is important that you first process the legal aspects of your property such as paying the Real Estate Property Tax.

It is every property owner’s annual responsibility to have their Mandalagan Bacolod properties assessed and declared for taxation as mandated by the Local Government Code of 1991 which is also known as RA 7160. Here are the things that you need to know about real property tax or RPT:

1. Real property tax is one of the sources of income for the local government units.
2. Real property tax is paid annually. It can be collected from real estate properties such as lands and buildings. Improvements and machineries are also included.
3. Every owner or authorized person of the property should be responsible in paying the real property tax.
4. RPT rates are not the same all throughout the country. In Metro Manila, RPT rate is two percent while in provinces, it is only one percent.
5. RPT is computed by multiplying the rate to the property’s assessed value.
6. Tax payers are given the option to pay the RPT in full or by installment. When choosing to pay in installments, a quarterly pay is much preferred and should be paid on or before the following dates: March 31, June 30, September 30 and December 31. When choosing to pay in full, payment should be accomplished on or before January 31.
7. If you wish to avail of a discount, paying in advance can grant you such benefit.
8. If you failed to pay the RPT on time, penalties are strictly imposed. A 2% interest should be paid on top of the unpaid amount per month with a maximum of 32 months.

If you wish to pay for the RPT, there is only one government office in Mandalagan Bacolod that you should remember that collects RPTs. It is no other than the Treasurer’s Office of the LGU.