Understanding how to calculate property tax in the Philippines can be straightforward with the right examples. Here are three scenarios for different types of properties: a house and lot, a condominium, and a piece of land.
Scenario 1: House and Lot #
- Assessed Value: PHP 2,500,000
- Location: Within Metro Manila
- Basic Property Tax Rate: 2%
- SEF (Special Education Fund): 1%
Calculation:
- Basic Property Tax = PHP 2,500,000 x 2% = PHP 50,000
- SEF = PHP 2,500,000 x 1% = PHP 25,000
- Total Property Tax = PHP 50,000 + PHP 25,000 = PHP 75,000
Scenario 2: Condominium #
- Assessed Value: PHP 1,800,000
- Location: Outside Metro Manila
- Basic Property Tax Rate: 1%
- SEF: 1%
Calculation:
- Basic Property Tax = PHP 1,800,000 x 1% = PHP 18,000
- SEF = PHP 1,800,000 x 1% = PHP 18,000
- Total Property Tax = PHP 18,000 + PHP 18,000 = PHP 36,000
Scenario 3: Land #
- Assessed Value: PHP 3,000,000
- Location: Within Metro Manila
- Basic Property Tax Rate: 2%
- SEF: 1%
Calculation:
- Basic Property Tax = PHP 3,000,000 x 2% = PHP 60,000
- SEF = PHP 3,000,000 x 1% = PHP 30,000
- Total Property Tax = PHP 60,000 + PHP 30,000 = PHP 90,000
Conclusion #
These examples provide a clear understanding of how property taxes are calculated in the Philippines for different types of properties. It’s important to note that the assessed value and tax rates can vary, so it’s advisable to consult with your local assessor’s office for precise calculations.
