24/06/2021
๐ฒ ๐ง๐๐ซ๐๐ฆ ๐ฌ๐ข๐จ ๐ก๐๐๐ ๐ง๐ข ๐๐ข๐ก๐ฆ๐๐๐๐ฅ ๐ช๐๐๐ก ๐๐จ๐ฌ๐๐ก๐ ๐๐๐ก๐
You need to acquaint yourself of these taxes when you purchase a piece of land. This should be part of your budget.
1๏ธโฃ ๐๐ฎ๐ฝ๐ถ๐๐ฎ๐น ๐๐ฎ๐ถ๐ป๐ ๐ง๐ฎ๐
- You pay this when you sell something at a price higher than you spent to buy it. In other words, it is a tax levied on the earnings gained from selling capital assets.
2๏ธโฃ ๐ฅ๐ฒ๐ฎ๐น ๐ฃ๐ฟ๐ผ๐ฝ๐ฒ๐ฟ๐๐ ๐ง๐ฎ๐
- that is paid annually for owning real property such as land, building, improvements, and machinery. The Local Government Unit imposes this tax as a means of raising their revenue to fund basic public services they provide.
3๏ธโฃ ๐๐ผ๐ฐ๐๐บ๐ฒ๐ป๐๐ฎ๐ฟ๐ ๐ฆ๐๐ฎ๐บ๐ฝ๐ ๐ง๐ฎ๐
- It is a tax charged on documents, instruments, any loan agreements, and papers evidencing the acceptance, assignment, sale, or transfer of an obligation, right, or property.
4๏ธโฃ ๐ง๐ฟ๐ฎ๐ป๐๐ณ๐ฒ๐ฟ ๐ง๐ฎ๐
- is imposed whenever there is a transfer of ownership of the real property through sale, donation, or any other mode. The rate ranges from 0.5% to 0.75% of the zonal value or selling price of the property, whichever is higher depending on the municipality where the land is located.
5๏ธโฃ ๐๐ผ๐ป๐ผ๐ฟโ๐ ๐ง๐ฎ๐
- is imposed on the free transfer of property between two or more persons by donation or gift provided they are still alive at the time of the transfer.
6๏ธโฃ ๐๐๐๐ฎ๐๐ฒ ๐ง๐ฎ๐
๐ผ๐ฟ ๐๐ป๐ต๐ฒ๐ฟ๐ถ๐๐ฎ๐ป๐ฐ๐ฒ ๐ง๐ฎ๐
- is imposed on the privilege of transferring property upon the death of the owner of the land to the lawful heirs. You need to file and pay the Estate Tax before the ownership of any real property can be transferred from the decedent to his/her heirs.
