Tuesday, October 5, 2010

REAL ESTATE TAX COMMON FAQs



Here are some common frequently asked questions with regards to real estate taxes.

1. Who should pay the Real Estate Tax?
Real estate taxes should be paid by those people who own a property where taxes have been assessed.

2. How many types of Real Estate Billings can we receive in a year?
Generally, there are up to 3 different tax bills for each tax year. One is collected by the County, the other is by the Township or Borough and lastly by the School District.

3. Being a new owner of the property, do I have to pay the Real Estate Tax already?
Yes, being a new owner you are already accountable for your real estate tax. If the previous owner did not give your tax bill, you may request a statement at your Town Treasurers Office.

4. What happens if I pay my Real Estate Tax late?
There will be an interest of 14% per annum accumulating at the end of business on the due date

5. How can I change the name on the Tax bill as a new owner after purchasing the property?
New owners should make sure to fill out the Change of Owner and/or Address card provided with the Municipal Lien Certificate at the time of recording the deed. The portion of the bill “mail to” will be changed when the Assessors Office receives the deed from the Registry of Probate.

6. What should I do if I receive a tax bill but my mortgage company is the one paying my taxes?
You should send a copy of your tax bill to your mortgage company.

7. How should I appeal regarding the assessment value of my property?
You may call your County assessment office to appeal if you do not agree with the assessment value of your tax bill.

14 comments:

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Tim said...

Hi, is this applicable in the Philippines? I got a newly acquired condo under pagibig fund and I issue 24 checks (For 2 years). How do I know how much tax I should pay and where?

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Andy