Thursday, September 6, 2012
Section 233 of R A 7160
SEC. 233. Rates of Levy. - A province or city or a municipality within the Metropolitan Manila Area shall fix a uniform rate of basic real property tax applicable to their respective localities as follows: (a) In the case of a province, at the rate not exceeding one percent (1%) of the assessed value of real property; and
(b) In the case of a city or a municipality within the Metropolitan Manila Area, at the rate not exceeding two percent (2%) of the assessed value of real property.
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The Sanggunian of any local government unit, under the devolution of the powers to the local government is now empowered to fix the rates of the basic tax of real property. The SEF, an additional imposition on Real Properties during the martial law years. The revenue derived therein goes to the Local School Board.
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