First, let’s define the term ZONAL VALUE or Zonal Valuation:
Zonal Valuation – is an approved zonal schedule of fair market values on real property used by the Bureau of Internal Revenue as basis for the computation of internal revenue taxes.
Zonal valuation is used primarily:
Basis for computing the fair market value of the property
computation of internal revenue taxes
Now, on to answering the question, how do you go to get the Zonal Value of a Real estate property?
Simple! You either go to www.bir.gov.ph and click on ZONAL VALUES (which will then give you a list of zonal values based on location, and prompt you to download the file for it) or call/visit your nearest BIR office to get the information.
What other Real Estate Philippines Questions do you have? We’ll try to find an answer for you!
Real Estate Glossary and Terminology ABSTRACT OF TITLEA summary of or digest of the conveyances, transfer and any other facts relied on as evidence of title together with any other elements of record which may impair the title. ACCELERATION CLAUSEA clause in a trust deed or mortgage giving the lender
Good question. If you plan to invest in Philippine Real Estate, this you should know: Agricultural – when you say a land or a property is agricultural in nature here in the Philippines, this land is mainly used for tree-planting/farming, raising crops, livestock, breeding, poultry and dairying, salt making, inland
The Bureau of Internal Revenue (Filipino: Kawanihan ng Rentas Internas, or BIR) is a revenue service for the Philippine government, which is responsible for collecting more than half of the total tax revenues of the government.
https://en.wikipedia.org › wiki › Bureau_of_Internal_Revenue
and search Zonal Values on their website – this will prompt you to the list of approved values by the BIR per municipality and their respective downloadable file for public reference.
To get the BIR zonal value classification code of your property, visit the Bureau of Internal Revenue's official website or contact your local BIR office.
Zonal value is the real property value determined by the BIR. 2. Assessed value refers to the market value determined by the LGUs multiplied to the assessment levels based on the property classifications in the Local Government Code.
To determine the fair market value of land in the Philippines, you can hire a real estate appraiser or research similar properties. You can also calculate the market value of property in the Philippines by using the Comparative Market Analysis (CMA), cost approach, and income approach.
The assessed value of the property is defined by its fair market value multiplied by the assessment level fixed through ordinances. The assessed value may be defined as the property's taxable value. To get the taxable value of a property, you need to multiply the market value by the assessment level.
Step 1: Know your BIR RDO. Visitwww.bir.gov.ph. ...
Step 2: Check your designated Zonal Valuation. On the BIR website under their ZONAL VALUES list, you may locate your respective RDO under the municipality listed per region. ...
Step 3: Locate and Download the Zonal Value List excel file.
: Know your property's location, type (residential, commercial, etc.), and size. : Look for recently sold properties similar to yours. : Multiply the average price per square foot of comparable properties by your property's total square footage.
Market value should not be confused with market price, which is the price at which the property actually sells. If a seller is under duress because of the threat of foreclosure, they may sell the property below its market value.
Market value can fluctuate over time due to changes in market conditions, property improvements, or other external factors. Assessed Value: Assessed value, on the other hand, is the value assigned to a property by the local tax assessor's office for the purpose of calculating property taxes.
If the real estate is a capital asset, the purchase is subject to capital gains tax (CGT) of 6% of the gross selling price or current fair market value, whichever is higher, and documentary stamp tax (DST) of 1.5% of the actual consideration for the sale.
What happens if Real Property Tax is not paid? If the real property tax is not paid, the local government unit concerned may avail of the remedies by administrative action thru levy on real property or by judicial action. Hence, if you have been delinquent, the city or municipality may auction off your property.
Zonal value is the value placed on real estate properties for taxation purposes and it is the basis of our Bureau of Internal Revenue (BIR). The BIR commissioner possesses the authority fix the zonal value schedule under Section 6 (E) of Republic Act No. 8424 or the Tax Reform Act of 1997.
Here are some key takeaways: 1. The 8th and current revision of BF Homes, Paranaque zonal value ranges from P12,500 - P50,000 per sqm, depending on the street. 2. The 9th revision of BF Homes, Paranaque zonal value ranges from P42,000 - P60,000 per sqm, depending on the street.
Introduction: My name is Terrell Hackett, I am a gleaming, brainy, courageous, helpful, healthy, cooperative, graceful person who loves writing and wants to share my knowledge and understanding with you.
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