35.7 C
Manila
Saturday, April 20, 2024

Valenzuela grants tax relief for disclosure of real estate

- Advertisement -

THE City Government of Valenzuela has offered tax relief to those who will voluntarily disclose their previously undeclared or underdeclared real property from June to December 2021.

This initiative is aimed at easing the burden of real property taxpayers, and encourage owners and administrators to declare their buildings and other structures properly and accurately.

District 1 Councilor Rovin Andrew Feliciano made this possible via Ordinance 882, Series of 2021, or the “Voluntary Disclosure and Declaration of Real Properties,” which he authored.

By law, all real property owners and administrators in Valenzuela are obliged to prepare and submit a sworn statement “declaring the true value of their property, whether previously declared or undeclared, taxable or exempt” to the City Assessor’s Office (CAO).

Besides giving the current and fair market worth of the property as determined by its owner or administrator, the declaration must also contain a detailed description of the property for assessment purposes.

Real Property Tax (RPT) Declaration will be issued upon completion of the following requirements: Application form of Intent to Avail of Voluntary Disclosure; notarized Sworn Declaration of Real Property; perspective and floor plan; colored photos of the real property to be declared, and Proof of Ownership for real properties, if property is not in the name of the lot or land owner.

Assessments and reassessments made under this directive will be effective on January 1, 2021 only. This covers real properties declared for the first time as these should have already been assessed for taxes for the time period they should have been charged.

The amnesty for real property taxpayers, however, does not apply to delinquent real properties due for public auction sale by the city government, real estates that are subject of pending cases and/or litigation, and all properties awaiting expropriation.

Once the owner or administrator receives the notice of assessment, payment must be made on or prior to the end of the quarter following the date of the said notice. No interest penalty will be charged for delinquent payments until December 2021.

However, beginning January 2022, RPT will be subject to a monthly interest rate of 2 percent or a fraction thereof, from January 2021 until the taxes are fully settled.

Tax Mapping Operations and Geographical Information Discoveries will be temporarily suspended while the Ordinance is in effect.

For submission of declaration documents and other inquiries, contact the CAO at 8352-1000 local 1367. Taxpayers can pay via the 3S Plus Valenzuela City Online Services or “Paspas Permit” at https://online.valenzuela.gov.ph/.

Read full article on BusinessMirror

- Advertisement -
- Advertisement -

Related Articles

- Advertisement -
- Advertisement -

Latest Articles

- Advertisement -