- Residential and Agricultural - 1% of assessed value
- Commercial and Industrial - 2% of assessed value
- Special - 1.5 % of assessed value
Plus additional levy of 1% tax on assessed value of real property for Special Education Fund (SEF)
Exemptions
- Real property owned by the Republic of the Philippines or any of its politcal subdivisions except when the beneficial use thereof has been granted to a taxable person.
- Charitable institutions, churches, parsonages or convents, mosques, nonprofit and religious cemeteries, and all properties actually, directly and exclusively used for religious, charitable or educational purposes.
- All machineries and equipment exclusively used by government owned or controlled corporations engaged in the supply and distribution of water and electricity.
- All real property owned by duly registered cooperatives as provided for under RA 6938.
- Machinery and equipment used for pollution control and environmental protection.
Except as defined above, all property tax exemption previously granted by the local government are revoked as of January 1, 1992.
Time of payment
Real property tax and the additional levy for SEF are due and payable on the first day of January. Both may be paid without interest or penalty in 4 equal quarterly installments. However, both the basic tax and SEF levy must be paid simultaneously.
Tax discount for advance and prompt payment
Those who pay taxes at least 1 year before the taxable year (advance payment) will be enjoy a 20% discount, while those who pay their real property taxes within the first 20 days of the taxable quarter (prompt payment) will be given a 10% discount.
Interests on unpaid real property tax
Failure to pay the real property tax and SEF levy shall subject the taxpayer to an interest of 2% per month on the unpaid amount or a fraction thereof until the delinquent tax is full paid.
Transfer tax of Real Property Ownership
Rates
50% of 1% of the property sale amount or the fair market value / zonal value, whichever is higher.
Exemptions
Transfers of property pursuant to RA 6657, and those covered by Section 3 paragraph r) of RA 7279, otherwise known as the Urban Development and Housing Act of 1992.
Time of payment
Within 60 days from the date of the sale or from the date of the property owner's death.
Venue for payment
Treasurer's Office
2nd Flr. Parañaque City Hall
San Antonio Valley 1, DASA
Barangay San Antonio
City of Parañaque 1700 PHILIPPINES
Tel. No.: (632)8290966
