Manila to reduce real estate tax by 40% in 3 years
Real estate tax in Manila will go down by 40 percent in the next three years, according to Manila Mayor Isko Moreno.
Moreno said the city government passed an ordinance that would cut real estate tax rates in the nation’s capital by 40 percent over three years to make collections more efficient.
“It’s already passed, we are just doing the Implementing Rules and Regulations,” the Mayor said before Manila’s village chairpersons at the Manila City Hall on Wednesday night.
Domagoso did not disclose all the details of the said ordinance but he said the real estate tax rates will be reduced by 20 percent in 2019, another 10 percent on the second year, and another 10 percent on the last year of his term.
Business tax and real property tax, or “amilyar,” are imposed by local government units under the Local Government Code of 1991, Republic Act No. 7160.
The real estate tax in Manila was raised by 300 percent under the administration of former Manila Mayor Joseph “Erap” Estrada to pay the P5.5 billion debt of the city in 2013.
Domagoso vowed to lower rates for real property tax and business tax by 40 percent in the city of Manila while campaigning for the midterm elections.
He said that high tax rates for real property and businesses are burdens for families across the nation’s capital.
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