Property Assessment and Valuation Quiz

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According to the LGU Code, how should real property be appraised?

At the highest possible value

At the lowest possible value

At its current and fair market value (correct)

At its original purchase price

What is the basis for classifying real property for assessment purposes?

Age of the property

Location of the property

Size of the property

Actual use of the property (correct)

How should real property be assessed within each local government unit?

Based on its size

Based on its market value (correct)

Based on its age

Based on its location

Who is allowed to handle the appraisal, assessment, levy, and collection of real property tax?

Local government officials Signup and view all the answers

According to the text, what is the maximum assessment level for residential buildings with a fair market value of P 2,000,000.00?

45% Signup and view all the answers

Based on the information provided, what is the assessment level for agricultural lands with a fair market value of P 400,000.00?

30% Signup and view all the answers

According to the text, what is the assessment level for commercial/industrial buildings with a fair market value of P 1,500,000.00?

60% Signup and view all the answers

Based on the information provided, what is the assessment level for machineries classified as residential?

100% Signup and view all the answers

Which of the following is true about the general revision of real property assessments?

It is conducted every three years Signup and view all the answers

When does the reassessment of real property take effect?

On the first day of January of the succeeding year Signup and view all the answers

How long can real property declared for the first time be assessed for back taxes?

Up to 10 years Signup and view all the answers

What is the maximum depreciation allowance for machinery for each year of use?

5% Signup and view all the answers

Which government agency is responsible for promulgating the rules and regulations for the classification, appraisal, and assessment of real property?

Department of Finance Signup and view all the answers

How often should the sworn declaration of real property be filed with the assessor?

Every three years Signup and view all the answers

When should a person acquiring real property or making improvement thereon file a sworn statement declaring the true value of the property?

Within 60 days Signup and view all the answers

How should undivided real property of a deceased person be listed, valued, and assessed?

In the name of the estate or of the heirs and devisees without designating them individually Signup and view all the answers

According to the text, when should a person file sufficient documentary evidence for tax exemption claim?

Within 30 days from the date of declaration of real property Signup and view all the answers

According to the text, who should be notified about the transfer of real property ownership?

The provincial, city or municipal assessor Signup and view all the answers

According to the text, what is the duty of the Registrar of Deeds regarding real property taxes?

To require every person to provide a certificate of full payment of real property taxes Signup and view all the answers

According to the text, who should prepare a schedule of fair market values before a general revision of property assessment is made?

The municipal assessor Signup and view all the answers

Which of the following refers to the purpose for which a property is principally or predominantly used by the person in possession?

Actual Use Signup and view all the answers

What is the definition of 'Fair Market Value'?

The price at which a property may be sold by a seller who is compelled to sell and bought by a buyer who is compelled to buy Signup and view all the answers

What is the definition of 'Assessment'?

The act or process of determining the value of a property, or proportion thereof subject to tax, including the discovery, listing, classification, and appraisal of properties Signup and view all the answers

What is the definition of 'Improvement'?

A valuable addition made to a property or an amelioration in its condition, amounting to more than a mere repair or replacement of parts involving capital expenditures and labor Signup and view all the answers

According to the text, who can appeal to the Board of Assessment appeals of the province or city?

Any owner or person having legal interest in the property Signup and view all the answers

Who serves as the Chairman of the Board of Assessment appeals of the province or city?

The Registrar of Deeds Signup and view all the answers

Who serves as the members of the Board of Assessment appeals of the province or city?

The provincial or city prosecutor and the provincial or city engineer Signup and view all the answers

Who serves as the secretary to the Board of Assessment appeals of the province or city?

Any employee of the province or city Signup and view all the answers

When do the chairman and members of the Board of Assessment appeals assume their respective positions?

Immediately upon effectivity of this Code Signup and view all the answers

How often does the Board of Assessment appeals of the province or city meet?

Once a month Signup and view all the answers