Home Ownership and Real Estate taxes

[craftbeerlover]

2 hours ago, jimeve said:

We pay 21k for land and two houses and that's near the beach.

WOW

[hk blues]

1 hour ago, craftbeerlover said:

I am assuming you have the top room to ensure you get a nice breeze :) 

 

Exactly - and not only do we get cheap property taxes but our fuel bills are low with no a/c needed. 

[hk blues]

1 hour ago, craftbeerlover said:

WOW

A very, very quick online search suggests that Real Property Tax in Metro Manilla area is around 2% whilst 1%-2% elsewhere - so Metro Manilla will automatically attract double tax compared to some other areas.  That's a general statement, of course. 

Our local government has recently announced that it will only collect 60% real property tax for the next 2 year so the already low rate will be further discounted.  

["P2"]

I also understand that the real estate tax rate is based on the "assessed" value of the house/land. Is there a place that I can go to see what the assessed value of a house and land is? The reason I'm asking is that my wife and I are looking at a house and land on Bohol and what to get an idea of what the taxes will be. Thanks in advance for your help.

[scott h]

9 hours ago, "P2" said:

assessed value of a house and land is

The flippant answer is "whatever the seller thinks its worth!"

The real answer is much more complex and confusing. I will tell you what "I believe" to be true based on my experience. Hopefully other might have better information.

First off there is no (to my knowledge) a web site like they have in the states where every property is listed with an estimated value. Property here is based on "zonal value" for property tax valuation and that goes by square meter. It really does not matter if the property is on a main road, or near a malarial swamp or next to a school, if the property is in a certain zone, the square meter price is the same. I know this for a fact (in my area anyway) because our family had a small piece of property nearby. The lot had no street access, surrounded by other houses and buildings, no direct links to water or power, all the neighbors were just using it as a common area (for years and years lol). In the process of selling it we found the square meter zonal value at the city hall and with all those detractors its square meter value was the same as all the other property in the "zone".

Now I did run across a valuation table that was drawn up by the Homeowners Association of a nearby fashionable subdivision, where each property had an individual value, but again it was by square meter and made no mention of the house or building located there.

I am not familiar with Bohol at all, but if you could give us a bit more information, like the barangay, or city it is located in we might be able to help a bit more.

Sorry for the long-winded response but I hoped it helped a bit.

Edited June 22 by scott h

[hk blues]

12 hours ago, "P2" said:

I also understand that the real estate tax rate is based on the "assessed" value of the house/land. Is there a place that I can go to see what the assessed value of a house and land is? The reason I'm asking is that my wife and I are looking at a house and land on Bohol and what to get an idea of what the taxes will be. Thanks in advance for your help.

As far as I am aware, and can see based on my property and those around me, the assessed value is significantly below actual value (if such a thing actually exists here).

[Guy F.]

Yeah, where in Bohol? I could be of help regarding Dauis.

Edited June 22 by Guy F.

[OnMyWay]

51 minutes ago, Guy F. said:

Yeah, where in Bohol? I could be of help regarding Dauis.

We just spent 10 days on Panglao.  Last visit was 2019.  Driving some of the small roads back and forth across the island, including Dauis, we saw a lot of newer Western style houses. 

I would imagine that land values / property values are up a lot.  Does that impact valuations and taxes?

[hk blues]

4 hours ago, OnMyWay said:

We just spent 10 days on Panglao.  Last visit was 2019.  Driving some of the small roads back and forth across the island, including Dauis, we saw a lot of newer Western style houses. 

I would imagine that land values / property values are up a lot.  Does that impact valuations and taxes?

As far as I'm aware, there has been no revaluation since I came here 9 years ago and certainly my taxes have not changed since then. It's not something which happens each time a property sells - it's a global update conducted by BIR from time-to-time. 

[scott h]

6 hours ago, hk blues said:

no revaluation since I came here 9 years ago

 

10 hours ago, OnMyWay said:

Does that impact valuations and taxes?

I just got the lowdown from the wife about our house. bear with me.

We had paid the tax on the old house, then tore it down and built our new house (2013) the appraisers (or whoever at city hall) asked the amount we spent building the new house (which we lowballed) and that was the amount that determined our new (much higher than the old house) tax which has not increased since. Meanwhile my BIL house next door and my other BIL house elsewhere in the city, taxes have not increased either since 2013. 

So at least in our area it is not the amenities, area, neighborhood that determines the tax rate it the amount spent build.