30 Questions
According to the LGU Code, how should real property be appraised?
At its current and fair market value
What is the basis for classifying real property for assessment purposes?
Actual use of the property
How should real property be assessed within each local government unit?
Based on its market value
Who is allowed to handle the appraisal, assessment, levy, and collection of real property tax?
Local government officials
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%
Based on the information provided, what is the assessment level for agricultural lands with a fair market value of P 400,000.00?
30%
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%
Based on the information provided, what is the assessment level for machineries classified as residential?
100%
Which of the following is true about the general revision of real property assessments?
It is conducted every three years
When does the reassessment of real property take effect?
On the first day of January of the succeeding year
How long can real property declared for the first time be assessed for back taxes?
Up to 10 years
What is the maximum depreciation allowance for machinery for each year of use?
5%
Which government agency is responsible for promulgating the rules and regulations for the classification, appraisal, and assessment of real property?
Department of Finance
How often should the sworn declaration of real property be filed with the assessor?
Every three years
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
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
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
According to the text, who should be notified about the transfer of real property ownership?
The provincial, city or municipal assessor
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
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
Which of the following refers to the purpose for which a property is principally or predominantly used by the person in possession?
Actual Use
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
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
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
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
Who serves as the Chairman of the Board of Assessment appeals of the province or city?
The Registrar of Deeds
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
Who serves as the secretary to the Board of Assessment appeals of the province or city?
Any employee of the province or city
When do the chairman and members of the Board of Assessment appeals assume their respective positions?
Immediately upon effectivity of this Code
How often does the Board of Assessment appeals of the province or city meet?
Once a month
Test your knowledge on the valuation of real property assessments and the process of general revision with this quiz. Explore the guidelines and timelines set by the provincial, city, or municipal assessors, and understand the taxation procedures for newly declared properties.
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