Home Ownership and Real Estate taxes

[Guy F.]

12 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?

Yes, land values have been rising a lot. It's hard to believe the numbers of large resorts being built. It's been very difficult to find competent help and maintenance services because there's so much demand for construction labor. I'll get details on property taxes when I talk with the wife in a few hours. One reason Dauis is so nice is that the municipal government has been relatively corruption-free. It's even gotten at least 2 "Good Housekeeping" awards in the last several years from the national government, for having transparent accounting practices.

Edited June 23 by Guy F.

[Gas]

50 minutes ago, Guy F. said:

Yes, land values have been rising a lot. It's hard to believe the numbers of large resorts being built. It's been very difficult to find competent help and maintenance services because there's so much demand for construction labor. I'll get details on property taxes when I talk with the wife in a few hours. One reason Dauis is so nice is that the municipal government has been relatively corruption-free. It's even gotten at least 2 "Good Housekeeping" awards in the last several years from the national government, for having transparent accounting practices.

How much is your property worth? 
 

Our local government has also won numerous national awards over the past few years.
Wonder what is the more accurate reality on the ground? 

Edited June 23 by Gas

["P2"]

Thanks for all the answers, guys! It's helpful! Another question... We are also looking at buying property and then building a house; does the same concerning pricing and taxes apply to the purchase of land as well? And what would you say would be the average cost of building a 200sq.m house with quality materials be? Thanks again in advance for your help!

[OnMyWay]

1 hour ago, Guy F. said:

It's hard to believe the numbers of large resorts being built.

We stayed at an AirBnb in a little village called Riverduplex.  It was quite nice and was next to what they call a river but seems more like a lake to me.  And out on the main road, overlooking the lake, they are building a huge Crown Regency.

https://www.google.com/maps/place/Crown+Regency+Bohol/@9.632972,123.837588,17z/data=!4m15!1m8!3m7!1s0x33aa4dd9add2f125:0x5d795a4fadedab3f!2sRIVERDUPLEX!8m2!3d9.6375062!4d123.840508!10e5!16s%2Fg%2F11vqyf__pw!3m5!1s0x33aa4defaf0404d1:0x6ced6254532728fe!8m2!3d9.632972!4d123.837588!16s%2Fg%2F11pcncq109?entry=ttu

Our place was by the yellow arrow.  What I thought was odd is that there is a big mansion house on the road, right in front of the Crown Regency.  Circled in green.  Looks like the hotel is 80% done.

 

[fillipino_wannabe]

10 hours ago, hk blues said:

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. 

Iloilo put a lot of places up last year, maybe they've not gotten round to you yet lol. My wife has a lot of friends there that were complaining about it:
 

Martin Pison of the Riverside Group of Companies said the “1,000 percent increase is virtually confiscatory and oppressive” and could close down businesses that rent properties.

Pison said tax levied for its Riverside Boardwalk Properties Inc. amounted to P584,283 for 2023 but the assessed value for 2024 was P7.56 million.

https://mb.com.ph/2024/1/7/iloilo-city-reduces-real-property-tax-for-2024-and-2025

[Mike J]

8 hours ago, "P2" said:

Thanks for all the answers, guys! It's helpful! Another question... We are also looking at buying property and then building a house; does the same concerning pricing and taxes apply to the purchase of land as well? And what would you say would be the average cost of building a 200sq.m house with quality materials be? Thanks again in advance for your help!

Taxes apply to both land and house and will be separate line items on the bill.  Cost to build depends on a lot on how nice a house you want.  Anywhere from 30K - 50K peso per square meter.  The closer you want the house built to western standards, the higher the cost.

[Guy F.]

11 hours ago, Guy F. said:

Yes, land values have been rising a lot. It's hard to believe the numbers of large resorts being built. It's been very difficult to find competent help and maintenance services because there's so much demand for construction labor. I'll get details on property taxes when I talk with the wife in a few hours. One reason Dauis is so nice is that the municipal government has been relatively corruption-free. It's even gotten at least 2 "Good Housekeeping" awards in the last several years from the national government, for having transparent accounting practices.

We sold a large house and 1000 sqm lot for P11.5M recently. The annual tax had been P12,000. We are building a smaller house on the adjacent 500 sqm which we still own. The wife says the annual tax on that is P200 and she paid for 20 years in advance.

[Guy F.]

9 hours ago, OnMyWay said:

We stayed at an AirBnb in a little village called Riverduplex.  It was quite nice and was next to what they call a river but seems more like a lake to me.  And out on the main road, overlooking the lake, they are building a huge Crown Regency.

https://www.google.com/maps/place/Crown+Regency+Bohol/@9.632972,123.837588,17z/data=!4m15!1m8!3m7!1s0x33aa4dd9add2f125:0x5d795a4fadedab3f!2sRIVERDUPLEX!8m2!3d9.6375062!4d123.840508!10e5!16s%2Fg%2F11vqyf__pw!3m5!1s0x33aa4defaf0404d1:0x6ced6254532728fe!8m2!3d9.632972!4d123.837588!16s%2Fg%2F11pcncq109?entry=ttu

Our place was by the yellow arrow.  What I thought was odd is that there is a big mansion house on the road, right in front of the Crown Regency.  Circled in green.  Looks like the hotel is 80% done.

 

On maps it's called Songculan Lake.

When that resort was begun there was supposed to be a water park included. Do you think it's still in the works or if it was false promises? It doesn't look as if there's room for much between the resort and the lake.

That mansion was for sale for several years. I wouldn't want to live right next to a busy road like that.

[OnMyWay]

2 hours ago, Guy F. said:

When that resort was begun there was supposed to be a water park included. Do you think it's still in the works or if it was false promises? It doesn't look as if there's room for much between the resort and the lake.

I was wondering what the main attraction would be, since it is not ocean front.  There is probably enough room, especially if the lots on the left and right are included.

There has been a stalled JPark project in the White Beach area.  I wonder if it will get restarted?

[hk blues]

12 hours ago, fillipino_wannabe said:

Iloilo put a lot of places up last year, maybe they've not gotten round to you yet lol. My wife has a lot of friends there that were complaining about it:
 

Martin Pison of the Riverside Group of Companies said the “1,000 percent increase is virtually confiscatory and oppressive” and could close down businesses that rent properties.

Pison said tax levied for its Riverside Boardwalk Properties Inc. amounted to P584,283 for 2023 but the assessed value for 2024 was P7.56 million.

https://mb.com.ph/2024/1/7/iloilo-city-reduces-real-property-tax-for-2024-and-2025

Thanks - I was aware that some amount of re-evaluation had been done but as we're in the province rather than the city we may be later.  In all honesty, even if the re-evaluation was significantly higher it won't break the bank based on current low starting point currently.

Given no re-evaluation has been done for 10 years I would expect a significant hike.