Author Topic: 3) FAQ About Real Estate-Newly Acquired/ Constructed Building-When Taxable  (Read 750 times)

tagalomanoy

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AnswerS-

ONE- For a newly constructed building, it would be either of the following whichever comes first:

1. The following year, When the building is OCCUPIED, even if it is not FINISHED.
2. The following year, when the building was FINISHED, even if it is not OCCUPIED.

So that if you bought a new house and have it occupied immediately, but you failed to have declared with the City Assessor,, the reckoning of the date would be:

1. The following year after the date of the Certificate of completion.  If no Certificate of completion is presented, the City Assessor will resort to your application of Electrical Permit, water, telephone, building permit, etc.
In its absence, a trained building inspector will determine the age and the cost of  the building by his own discretion. YOU RUN THE Risk of being assessed more than what is actual and the assessment made can not be changed anymore.  You have to wait for the revision time, whcih would be  every three years.

TWO- For a newly bought or acquired building:
1.  60 days after the date of the Deed of Sale, you have to present it to the City Assessor so that it will be transferred to your name.  This can be done after all necessary fees and taxes are paid in full. The new tax declaration in your name will be effective the following year.




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ALEJANDRO TAGAB LAGANSON, SR.
Purok 25-A, Teachers Village, Calinan, D. C.
Licensed Real Estate Broker PRC 0009807
Real Property Asessing Officer (CSC & DOF)ROR 3351 Email  ad: [email protected]

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