Question

The knights levies a real property tax based on the following schedule.



Which of the following statements is false?

A. If Mr. Jones owns real property valued at $220,000, his average tax rate is %3

B. If Mr. Barker owns real property valued at $300,000, her average tax rate is about a %1.5

C. If Ms. Barker owns real property valued at $330,000 her average tax rate is about %2.5

D. If Ms. Sinclair owns real property valued at $321,000, her marginal tax rate is %1

Answer 1

Answer D is false

D. If Ms. Sinclair owns real property valued at $321,000, her marginal tax rate is %1

Real Property Tax (RPT) is a tax that owners of real property need to pay every year so that the local government unit (LGU) will not auction off their property.

The Assessment Level shall be fixed through ordinances of the Sangguniang Panlalawigan,if the municipality within the Metro Manila area. To get this data, look for the tax Ordinance of the city or municipality where your property is located.
Sec. 199 (l) of the LGC defines “Fair Market Value” as the price at which a property may be sold by a seller who is not compelled to sell and bought by a buyer who is not compelled to buy. In practice, however, the Fair Market Value is based on the assessment of the municipal or city assessor as written in the Tax Declaration.