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Facts and Figures on Property Taxes and Why They’re Important

Purchasing your very first home can be an exciting and scary thing all at the same time. And with your new property comes new responsibilities as well, one of them is paying your property tax. Here in the Philippines, it is referred to as Real Property Tax (RPT).

According to the Local Government Code of 1991 or Republic Act no. 7160, property owners are required by law to pay RPT annually, which applies to all types of real properties, including lands, buildings, improvements, and machinery. These are taxes that you pay yearly, they are used by the government for fixing roads, building schools etc. These are usually determined by municipalities who hire a tax assessor to determine it based on your property and its location.

If you don’t pay your taxes, not only will you incur heavy penalties but the government will have the right to auction it off. The interest rate for failing to pay is two percent (2%) every month on the unpaid amount until the property owners fully pay their debt. The maximum is 36 months, which is equivalent to a maximum interest rate of 72%.

With all that information in mind, it’s best to know how to compute for property taxes and to know a couple of important rules to always bear in mind, some of which can even help you save money!

The Real Property Tax rate for Metro Manila is 2% while provinces are 1%. To compute for this you need to multiply the RPT rate and the assessed value of the property. The assessed value is the fair market value of the real property multiplied by the assessment level. The assessment level, on the other hand, is the percentage applied to the fair market value to determine the taxable value of the property.

People have options on how they want to pay for their RPT; they can either pay it in full or installment (quarterly payments). People who opt to pay in advance can avail of certain discounts which they can discuss with their local treasurer; these payments should be made before or on January 31st of each year. If they choose to pay in installments it is crucial for them to remember these payment dates:

1st quarter: On or before March 31
2nd quarter: On or before June 30
3rd quarter: On or before September 30
4th quarter: On or before December 3

However, there are some types of properties that are exempted from these taxes. Some of these properties are as follows:

– Educational institutions
– Churches
– Charities
– Cooperatives
– Government owned corporations
– Machinery that are used to reduce pollution
– Equipment used for environmental protection

Honestly, this can be a lot to process at first glance but with proper study you’ll eventually gain the knowledge you need. Just make sure to contact your local city or municipal treasurer from time to time to check if there are any new fees or updates in order to stay in the loop. By paying your taxes in time, or even better yet in advance, you are taking a huge step forward in becoming a responsible property owner.

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The BGC Hype: 6 Spots People Keep Going Back To

The wonders of this booming city in Taguig is truly exhilirating, and you’re sure in for a great adventure!

The Bonifacio Global City has been the gateway to Taguig’s urban lifestyle spots as Millennials and others who seek an Instagram-worthy setting constantly visit and get amazed by the casual and hip vibe that the city brings.
Visitors or BGC’s growing residential community enjoy the unique and artsy character of the city. In fact, these spots are the city’s most visited because of their unique charm and the entertainment they offer. And if you haven’t already, check out these six spots in BGC people keep going back to:

1. Cozy Restaurants

If you’re a foodie, you’re going to love the delicious food being offered by the best restaurants in BGC. But as interesting as our taste buds are concerned, the restaurants’ cozy ambiance in the city is what draws people in. Experience having brunch at the Sunnies Café where warm and fresh interiors with a nostalgic feel would want to make you stay the whole day. Meanwhile the Wildflour Café + Bakery boasts serving great coffee for you to indulge in. And as you savor that perfect caffeine drink, treat your eyes at the restaurant’s cozy and Instagram-worthy features with its bricked walls, vintage-inspired dark brown tables and chairs.

2. Artsy Spots

BGC is screaming with art. It is quite noticeable that wall murals are taking over the city. In fact, it became one of the reasons why people keep coming back to BGC and these are the common background for photoshoots and other creative productions. These colorful and artistic wall murals are easily spotted in almost every corner of the city so better bring your camera and strut your best pose when you get there.

3. Entertaining Museums

The city also boasts some of the most visited museums in Metro Manila, the Mind Museum and the Miracle Art Happyworld Museum. Although the first is all about science, the Mind Museum puts fun in the subject because of its interactive exhibits like their static machines. Meanwhile, the Miracle Art Happyworld Museum is this trendy 3D art museum where guests enjoy posing together with various animals and other creative optical illusions. Take a lot of snaps as these museums are quite enjoyable.

4. Lifestyle Hubs

Other than the vivid sceneries and artistic images, BGC is also known for its relaxing ambiance especially with the presence of lifestyle centers like the Bonifacio High Street, the Burgos Circle, Serendra and many more. These are hubs are the go-to places for dining and entertainment. They are posed as mini cities within the city with impeccable architecture and greenery. There are also other adventurous activities for games and other physical activities like taking Trapeze lessons at the Circus or learn soccer at Turf, a FIFA-standard field.

5. Fitness Parks

BGC is a huge fitness park. In fact, this is one of the reasons for the hype, there’s just so much space to run and exercise. The BGC Greenway Park is considered as the largest urban park in Metro Manila according to BGC’s website aside from another usual jogger’s go-to tracks, the Track 30 Park. Because of its greenery and long runners’ lanes, fitness junkies love running and exercising here. BGC has indeed developed to become one of the fitness hubs in Metro Manila and is usually the venue for fun runs or races.

6. Night Life

BGC may be brighter at night than it is in the morning because of its growing community of bars and clubs like the Valkyrie Nightclub, Revel at the Palace, the Palace Pool Club, LIT and a lot more. The city is alive at night from the opening of the newest and most visited spots in BGC where celebrities, millennials and many others come to have fun and drink.
There are so much more to do and see in the heart of Taguig, BGC. Enjoy your next visit!

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Your Ultimate Guide to Earning Millions in Property Investing in the Philippines

Learn the ways you can grow your income by investing your time and effort in PH Real Estate.

Property investing has proven to be a wealth-building way for budding investors. But there are several factors that one must know when looking into making your very first purchase. Here is a guide in order to earn a lot in property investing!

Step 1: Do your homework!

When looking into getting a property, it is important to do analytical research. Ask yourself, is this a good location that would attract future tenants? Is the area safe or does it flood here? Are the neighbors the type to party every night? Take the liberty to ask the locals and talk to the property managers. You need to be practical when it comes to these things and not end up purchasing a property just because you thought it looked “cute”.

Step 2: Double check yourself.

So let’s say you’ve already found an ideal property you’d like to invest in, do NOT buy it right away. A common mistake rookie investors make is that they act too impulsively! Sure, you have the funds to make that purchase straight away but there is a difference if you are financially fit to make the purchase in the long run. But what if you have a shortfall? What if you aren’t able to make a sale in months? You have to understand these are often long term and you need to think if this is something you can continuously afford financially.

Step 3: Know your market

You can buy all the properties you want but if they don’t match your target market then it would all go to waste. For example, do you think a family would want a 1 bedroom apartment with no yard? Or would a single young professional want to live in a 2 story home that’s way too big for him/her? Knowing your customers would help you match them to properties that would actually benefit them.

Step 4: Balance is key.

There are a lot of different aspects that come into play when it comes to property investing; you need to organize the collection of your rent, provide maintenance, check on your tenants etc. All of which can also be time consuming and downright impossible to do if you already have several properties. If that’s the case you might want to look into getting a property manager to handle all of these for you; though it is an additional cost it is definitely worth it. That way you can use that time to focus on getting more properties!

Step 5: Patience is a MUST