"P2" Posted June 13 Posted June 13 Just curious to know of the members here who live in the Philippines and own a home, what are real estate taxes like? What are the rates? Taxes on a 200k home? Link to comment Share on other sites More sharing options...
Forum Support scott h Posted June 13 Forum Support Posted June 13 Very low. In my area taxes are not evaluated as in the states, upon the houses estimated worth, but on the area. I do not remember the exact cost (if you wait until the wife gets up I will ask lol) but we pay the property tax on three houses (2 for overseas family members homes) and if memory serves all three come in under 20k pesos. An interesting factoid, it seems that most cities have an amnesty period. If you pay your taxes early you get a discount. Here if you pay in November its 20%, December 10%. 2 Link to comment Share on other sites More sharing options...
Forum Support Mike J Posted June 13 Forum Support Posted June 13 Here in Moalboal the rate is 2% of the property value. Also lower accessed value than true value seems to be the rule. Not sure if true everywhere, but here Moalboal you also get a 10% discount if you pay the full bill prior to first installment due instead of four equal payments. 1 Link to comment Share on other sites More sharing options...
Freebie Posted June 14 Posted June 14 For my Makati condo , its P56,000 a year. They run good organised collection places throughout November December and January, inside condos , parks etc. Weirdly, when handing over 56 x P1000 notes, their collection staff never have bank note counter machines.. always counted by hand. They always do by hand. And the tax price, hasnt gone up in past 6 years.. in fact Makati has very high cash reserves ( over P34 billion ) and is considering cutting Real Property Taxes for late 2024/2025 payments ! 2 Link to comment Share on other sites More sharing options...
hk blues Posted June 14 Posted June 14 Here in Iloilo we pay around 4.5k php per year for both land and building. If we pay before the end of the previous financial year we get a 10% discount. It doesn't seem to have increased in the 9 years we have been here. If my tax is anything to go by you will be looking at 10K but that's a guestimate. Link to comment Share on other sites More sharing options...
Guy F. Posted June 14 Posted June 14 (edited) When real estate is sold there is a tax. They call it "value added tax" but it's what we would call "sales tax". It's 6%. Most everyone lies to the government about the price paid so as to minimize tax paid. If the proceeds are used to buy or develop other real estate within 18 months it's refundable. Edited June 14 by Guy F. 1 Link to comment Share on other sites More sharing options...
craftbeerlover Posted June 15 Posted June 15 22 hours ago, hk blues said: loilo we pay around 4.5k php per year for both land and building WOW, that is cheap, I was paying about 30k a year Link to comment Share on other sites More sharing options...
jimeve Posted June 15 Posted June 15 31 minutes ago, craftbeerlover said: WOW, that is cheap, I was paying about 30k a year We pay 21k for land and two houses and that's near the beach. Link to comment Share on other sites More sharing options...
hk blues Posted June 15 Posted June 15 1 hour ago, craftbeerlover said: WOW, that is cheap, I was paying about 30k a year That's way more than anyone around me - we all pay in the region of 3-5k a year. Here's a pic of our place - 1 Link to comment Share on other sites More sharing options...
craftbeerlover Posted June 15 Posted June 15 1 hour ago, hk blues said: That's way more than anyone around me - we all pay in the region of 3-5k a year. Here's a pic of our place - I am assuming you have the top room to ensure you get a nice breeze :) Link to comment Share on other sites More sharing options...
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