Podcast
Questions and Answers
According to the LGU Code, how should real property be appraised?
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?
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?
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?
Who is allowed to handle the appraisal, assessment, levy, and collection of real property tax?
According to the text, what is the maximum assessment level for residential buildings with a fair market value of P 2,000,000.00?
According to the text, what is the maximum assessment level for residential buildings with a fair market value of P 2,000,000.00?
Based on the information provided, what is the assessment level for agricultural lands with a fair market value of P 400,000.00?
Based on the information provided, what is the assessment level for agricultural lands with a fair market value of P 400,000.00?
According to the text, what is the assessment level for commercial/industrial buildings with a fair market value of P 1,500,000.00?
According to the text, what is the assessment level for commercial/industrial buildings with a fair market value of P 1,500,000.00?
Based on the information provided, what is the assessment level for machineries classified as residential?
Based on the information provided, what is the assessment level for machineries classified as residential?
Which of the following is true about the general revision of real property assessments?
Which of the following is true about the general revision of real property assessments?
When does the reassessment of real property take effect?
When does the reassessment of real property take effect?
How long can real property declared for the first time be assessed for back taxes?
How long can real property declared for the first time be assessed for back taxes?
What is the maximum depreciation allowance for machinery for each year of use?
What is the maximum depreciation allowance for machinery for each year of use?
Which government agency is responsible for promulgating the rules and regulations for the classification, appraisal, and assessment of real property?
Which government agency is responsible for promulgating the rules and regulations for the classification, appraisal, and assessment of real property?
How often should the sworn declaration of real property be filed with the assessor?
How often should the sworn declaration of real property be filed with the assessor?
When should a person acquiring real property or making improvement thereon file a sworn statement declaring the true value of the property?
When should a person acquiring real property or making improvement thereon file a sworn statement declaring the true value of the property?
How should undivided real property of a deceased person be listed, valued, and assessed?
How should undivided real property of a deceased person be listed, valued, and assessed?
According to the text, when should a person file sufficient documentary evidence for tax exemption claim?
According to the text, when should a person file sufficient documentary evidence for tax exemption claim?
According to the text, who should be notified about the transfer of real property ownership?
According to the text, who should be notified about the transfer of real property ownership?
According to the text, what is the duty of the Registrar of Deeds regarding real property taxes?
According to the text, what is the duty of the Registrar of Deeds regarding 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?
According to the text, who should prepare a schedule of fair market values before a general revision of property assessment is made?
Which of the following refers to the purpose for which a property is principally or predominantly used by the person in possession?
Which of the following refers to the purpose for which a property is principally or predominantly used by the person in possession?
What is the definition of 'Fair Market Value'?
What is the definition of 'Fair Market Value'?
What is the definition of 'Assessment'?
What is the definition of 'Assessment'?
What is the definition of 'Improvement'?
What is the definition of 'Improvement'?
According to the text, who can appeal to the Board of Assessment appeals of the province or city?
According to the text, who can appeal to the Board of Assessment appeals of the province or city?
Who serves as the Chairman of the Board of Assessment appeals of the province or city?
Who serves as the Chairman of the Board of Assessment appeals of the province or city?
Who serves as the members of the Board of Assessment appeals of the province or city?
Who serves as the members of the Board of Assessment appeals of the province or city?
Who serves as the secretary to the Board of Assessment appeals of the province or city?
Who serves as the secretary to the Board of Assessment appeals of the province or city?
When do the chairman and members of the Board of Assessment appeals assume their respective positions?
When do the chairman and members of the Board of Assessment appeals assume their respective positions?
How often does the Board of Assessment appeals of the province or city meet?
How often does the Board of Assessment appeals of the province or city meet?
