Carmona Cavite Real Property Tax

Essential Aspects of Carmona Cavite Real Property Tax

Real property tax (RPT) is an essential source of revenue for local governments in the Philippines. In Carmona, Cavite, property owners are responsible for paying RPT on their land, buildings, and other structures. The amount of RPT owed is determined by the assessed value of the property, which is based on a number of factors, including the location, size, and type of property.

There are a number of essential aspects of Carmona Cavite real property tax that property owners should be aware of. These include:

Assessment and valuation: The first step in determining the amount of RPT owed is to assess the value of the property. This is done by the City Assessor's Office, which uses a variety of factors to determine the property's fair market value.
Tax rates: The City of Carmona sets the RPT rates each year. The rates are based on the property's classification, which is determined by its use. Residential properties have a lower tax rate than commercial properties.
Exemptions: Certain properties are exempt from RPT, including those owned by the government, religious organizations, and charitable institutions.
Payment deadlines: RPT is due in two installments, with the first installment due on or before January 31st and the second installment due on or before July 31st. There are penalties for late payments.
Discounts: Property owners who pay their RPT on time are eligible for a discount. The discount is 10% if the tax is paid within the first quarter, 5% if paid within the second quarter, and 2% if paid within the third quarter.
Penalties: Property owners who fail to pay their RPT on time are subject to penalties. The penalties are 2% per month of delinquency, up to a maximum of 24%.

Failure to pay real property tax may result in the property being foreclosed upon and sold at public auction.

It is important for property owners to be aware of the essential aspects of Carmona Cavite real property tax in order to avoid penalties and ensure that their property is not foreclosed upon.