Real property owners in the city get an early Christmas present from the city government following the implementation of the grant of the 20 percent discount to those who will be paying their real property taxes on or before December 31, 2024.
City Treasurer Alex Cabarrubias said that the grant of the 20 percent discount to early taxpayers who will be paying their real property taxes is now ongoing and real property owners should avail of the rare chance of the said privilege.
He claimed that based on the data gathered from the previous implementation of the discount, some 30 to 40 percent of real property owners have been availing of this privilege thus more people should be enticed to avail of it.
The city treasurer pointed out that the grant of the 20 percent discount on real property taxes will only be implemented to the early birds up to the end of the year.
Under the guidelines for the implementation of the said discount, when the current real property tax and additional levy for the Special Education Fund are paid in full for the whole year before January 2025, the taxpayer shall be entitled to an advance payment discount of 20 percent.
However, when paid in full between January and the end of March 2025, the taxpayer will be granted a 10 percent discount.
For real property tax paid quarterly, a 10 percent discount on the amount of tax due will be granted if paid in full within the quarter.
He added that failure of the taxpayer to pay the basic real property tax and the additional special education fund tax on or before the prescribed deadlines, either annually, semestral or quarterly, shall subject the taxpayer to the payment of interest at the rate of two percent per month or fraction thereof on the unpaid amount until the delinquent tax shall have been fully paid, provided however, that in no case shall the total interest on the unpaid tax or portion thereof exceed 36 months or 72 percent.
The payment of basic tax on real properties which is two percent of the assessed value of the real property and the additional one percent levied for the special education fund that shall accrue on the first day of January is based on Ordinance No. 2000-001.
Further, the same may be paid in full equal installments without interest or penalty at the option of the taxpayer, first installment – on or before march 31, 2025, second installment – on or before June 30, 2025, third installment – on or before September 30, 2025 and fourth installment – on or before December 31, 2025. By Dexter A. See
