spot_img
28.3 C
Philippines
Monday, July 15, 2024

Mayor Joy says QC not getting FMV back taxes

- Advertisement -

Quezon City Mayor Joy Belmonte has rejected retroactive taxation in the resumption of real-estate taxes in 2023 based on the 2017 schedule of the fair market value (FMV) of land.

After a five-year pause, the city government is issuing the FMVs for various classes of real property as defined in Ordinance No. SP-2556, which was passed in 2016 and was applied until 2017.

“Here is the good news. The mayor has instructed us not to collect back taxes from 2018 to 2022,” city treasurer Edgar Villanueva said.

Belmonte confirmed Villanueva’s announcement and told the Manila Standard: “Yes. We will no longer collect the back taxes for those years.”

Villanueva clarified that the adjustment based on the FMV is not a new increase, just a reversion to the rate that was used five years ago.

Meanwhile, taxpayers who would pay their annual taxes in advance could avail of a 20-percent discount, and those who would settle through installment basis shall get a 10-percent discount.

“That is only in Quezon City,” Villanueva said.

LATEST NEWS

Popular Articles