Tax Collection and Prescription Period Quiz

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According to Section 246, when does the real property tax accrue?

On the last day of January

On the last day of December

On the first day of February

On the first day of January (correct)

According to Section 247, who is responsible for the collection of the real property tax?

The provincial assessor

The city or municipal treasurer (correct)

The city or municipal government

The Barangay treasurer

According to Section 248, when should the assessor submit the assessment roll to the treasurer of the local government unit?

On or before the first day of January

On or before the thirty-first (31st) day of December (correct)

On or before the last day of December

On or before the fifteenth (15th) day of January

Which entity is responsible for conducting the sale of real property if there are no bidders or if the highest bid is insufficient to cover the taxes and costs?

The local treasurer Signup and view all the answers

What happens if the taxpayer does not redeem the forfeited property within one year from the date of forfeiture?

The property will be transferred to the Registrar of Deeds Signup and view all the answers

Under what circumstances can a court declare a sale at public auction invalid?

If the delinquent owner's rights have been impaired Signup and view all the answers

What is the time limit for the collection of real property taxes?

5 years Signup and view all the answers

When should the notice of the dates when the tax may be paid without interest be posted?

On or before March Thirty-first (31st) Signup and view all the answers

In how many equal installments can the basic real property tax and the additional tax for Special Education Fund (SEF) be paid without interest?

4 Signup and view all the answers

What discount may be granted if the basic real property tax and the additional tax for Special Education Fund (SEF) are paid in advance?

20% Signup and view all the answers

Within how many days should a protest in writing be filed after paying the tax?

30 Signup and view all the answers

Which action may be taken if the basic real property tax is not paid on time?

The property may be sold at public auction. Signup and view all the answers

What happens if the total interest on the unpaid tax exceeds 36 months?

The taxpayer is only required to pay the interest up to 36 months. Signup and view all the answers

What does the basic real property tax constitute a lien on?

All liens, charges, or encumbrances in favor of any person. Signup and view all the answers

What action may be taken for the collection of the basic real property tax?

Administrative action through levy on real property. Signup and view all the answers

Which action may be instituted for the collection of tax in case of fraud or intent to evade payment?

Civil action Signup and view all the answers

What is the period of prescription within which to collect the tax?

10 years Signup and view all the answers

Under what circumstances is the period of prescription suspended for the collection of tax?

When the owner of the property requests for reinvestigation Signup and view all the answers

How are the proceeds of the basic real property tax distributed in provinces?

35% to the general fund of the province, 40% to the general fund of the municipality, 25% to the Barangay Signup and view all the answers

According to Section 276, when can the Sanggunian condone or reduce real property tax and interest?

All of the above Signup and view all the answers

According to Section 278, who is responsible for furnishing the provincial, city, or municipal assessor with copies of contracts related to real property?

The Registrar of Deeds and notaries public Signup and view all the answers

According to Section 279, which entities are required to furnish the provincial, city, or municipal assessor with information regarding insurance on buildings, structures, and improvements?

The Insurance companies Signup and view all the answers

Which one of the following is true about the advertisement for the sale of the property?

The advertisement is posted at the main entrance of the provincial, city or municipal building and in a publicly accessible and conspicuous place in the Barangay where the property is located. Signup and view all the answers

What happens if the owner of the property pays the delinquent tax, interest, and expenses of sale before the date fixed for the sale?

The sale will be cancelled. Signup and view all the answers

How long does the owner of the delinquent property have to redeem the property after it has been sold?

1 year Signup and view all the answers

What happens if the owner or person having legal interest fails to redeem the delinquent property?

The local treasurer will execute a deed conveying the property to the purchaser. Signup and view all the answers