Thursday, September 6, 2012
Section 222 of R A 7160
SEC. 222. assessment of Property Subject to Back Taxes. - Real property declared for the first time shall be assessed for taxes for the period during which it would have been liable but in no case for more than ten (10) years prior to the date of initial assessment: Provided, however, That such taxes shall be computed on the basis of the applicable schedule of values in force during the corresponding period. If such taxes are paid on or before the end of the quarter following the date the notice of assessment was received by the owner or his representative, no interest for delinquency shall be imposed thereon; otherwise, such taxes shall be subject to an interest at the rate of two percent (2%) per month or a fraction thereof from the date of the receipt of the assessment until such taxes are fully paid.
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This is only applicable to real properties granted by the state. Properties owned by the Japanese government under NAFCO, whether agricultural, residential and commercial, which at first was declared as RP proeprties will qualify as proeprties assessed for the first time under the ownership of a taxable person. Although he had been occupying and utilized such property for half a century, the law says, taxes can be collected only for a maximum of 10 years without interest, for ass long as full payment was tendered within the period prescribed by law.
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