A property tax is an annual or semiannual charge levied by a local government and paid by the owners of real estate within its jurisdiction. Property tax is an ad-valorem tax, meaning the amount owed is a percentage of the assessed value of the real estate.
The property tax rate is set by each MMDA annually and averages around 2% of the rateable value. The rate must be approved by the central government.
Payment – Property taxes are paid yearly, with due dates varying by municipality. Failure to pay can result in penalties.
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