Tax Relief

Valenzuela affords tax breaks for undeclared properties

Valenzuela City Hall (PNA file photo)

MANILA – Valenzuela grants relief to taxpayers who voluntarily disclose previously undeclared or undeclared real estate from June to November 2021.

The City Council approved Ordinance No. 882, or Voluntary Real Estate Disclosure and Declaration, which gives tax relief to undeclared real estate such as buildings, structures and machinery.

“In order to somehow relieve the taxpayers of real estate and to urge owners and administrators to declare their buildings and other structures correctly and precisely,” the city government wrote in a statement on Saturday.

According to the law, all property owners and managers in Valenzuela City are required to draw up an affidavit of “the true value of their property, whether previously declared or undeclared, taxable or exempt”, and submit it to the city appraiser’s office.

In addition to stating the current and fair market value of the property as determined by the owner or manager, the declaration must also contain a detailed description of the property for valuation purposes.

The property tax return (RPT) is issued after submitting the voluntary disclosure intent application form; notarized real estate declaration; Perspective and floor plan; Color photos of the property to be declared; and proof of ownership for real estate if the real estate is not in the name of the property owner.

However, the amnesty for property taxpayers does not apply to delinquent properties that are already due for public auction, properties pending litigation and / or litigation, and all properties pending expropriation.

No additional taxes, no interest

As soon as the owner or manager receives the notice, the city administration has said that payment must be made on or before the end of the quarter following the date of the notice.

No interest or penalties will be charged for late payments until December 2021.

However, from January 2022, RPT will earn interest at a monthly interest rate of two percent or a fraction thereof from January 2021 until the taxes have been paid in full.

Tax mapping operations and geographic information discovery will be temporarily suspended while the regulation is in effect. (PNA)

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