Sangguniang Panlungsod ng Olongapo

REVENUE CODE

 

Section 2B.02

Assessment Levels The assessment levels to be applied to the current and fair market value of real property for taxation purposes shall be as follows:

 


                        (a) On Lands

 


Class

Assessment Level

Residential

20%

Commercial

50%

Industrial

50%

Agricultural

40%

 


           (b) On Buildings and Other Structures


 

a.      Residential


      Fair Market Value

Over

Not Over

Assessment Level

 

 

 

 

PhP 175,000.00

0%

175,000.00 

300,000.00

10%

300,000.00

 500,000.00

20%

 500,000.00

750,000.00

25%

750,000.00

1,000,000.00

30%

 1,000,000.00

2,000,000.00

35%

2,000,000.00

5,000,000.00

40%

5,000,000.00

10,000,000.00

50%

10,000,000.00

          And above

60%

 


                                    b. Commercial / Industrial

 

      Fair Market Value

Over

Not Over

Assessment Level

 

 

 

 

 PhP 300,000.00

30%

 300,000.00

500,000.00

35%

500,000.00

750,000.00

40%

750,000.00

1,000,000.00

50%

1,000,000.00

 2,000,000.00

60%

 2,000,000.00

  5,000,000.00

70%

  5,000,000.00

10,000,000.00

75%

10,000,000.00

       And above

80%

 


c. On Machineries
     

                                                  Class                                   Assessment Levels

                                              Commercial                                           80%
                                              Industrial                                               80%

 


d. On Special Classes The assessment levels for all lands, buildings and machineries and other improvements:

 


                                                 Actual Use                                                      Assessment Levels


Recreational                                                                    15%
Cultural                                                                           15%
Educational                                                                     15%
Scientific                                                                         15%
Hospital                                                                           15%
Local Water Company                                                    10%
Government-Owned or Controlled
Corporations engaged in the supply
& distribution of water &/or generation
& transmission of electric power                                    10%

 

The assessment levels in paragraph (a) hereof shall be applied initially during the first general revision of real property to be undertaken pursuant to Sections 9 (a) and (b) of this Code.

 

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