Olongapo_Revenue

Sangguniang Panlungsod ng Olongapo Ordinances

Declaration of Real Property by the Owner or Administrator and the Schedule of Penalties – It shall be the duty of all persons, natural or juridical, owning or administering real property, including the improvements, within the City of Olongapo, or their duly authorized representative, to prepare, or cause to be prepared, and file with the City Assessor, a sworn statement declaring the true value of their property, whether previously declared or undeclared, taxable or exempt, which shall be the current and fair market value of the property, as determined by the declarant. Such declaration shall contain a description of the property sufficient in detail to enable the Assessor or his deputy to identify the same for assessment purposes. The sworn declaration of real property herein referred to, shall be filed with the City Assessor once every three (3) years during the period from January first (1st) to June the thirtieth (30th) commencing with the approval of the revenue code.

For this purpose, the City Assessor shall use the standard form known as Sworn Declaration of Property Values prescribed by the Department of Finance. The procedures in filing and the safekeeping thereof shall be in accordance with the guidelines issued by the said Department.

Failure on the part of the real property owner or administrator to file the sworn statement within the prescribed period as herein above fixed shall be penalized based on the total fair market value of real property whether previously declared or undeclared, taxable or exempt based on the following schedule of penalties.

RESIDENTIAL LANDS AND IMPROVEMENTS

MARKET VALUE PENALTIES

	Below 175,000	PhP 100.00
175,001	300,000	200.00
300,001	500,000	300.00
500,001	750,000	400.00
750,001	1,000,000	500.00
1,000,001	2,000,000	1,00.00
2,000,001	5,000,000	2,00.00
5,000,001	10,000,000	3,00.00
10,000,0001	And above	5,00.00

COMMERCIAL OR INDUSTRIAL LANDS

And IMPROVEMENTS INCLUDING MACHINERIES

MARKET VALUE PENALTIES

	Below 300,000	PhP 500.00
300,001	500,000	600.00
500,001	750,000	800.00
750,001	1,000,000	1,000.00
1,000,001	2,000,000	2,000.00
2,000,001	5,000,000	3,000.00
5,000,001	10,000,000	4,000.00
10,000,001	And above	5,000.00

For purposes of this Section, a building, whether residential or commercial, having a Market Value of less than PhP175, 000 and is the only one owned by a declarant in Olongapo is EXEMPT from penalty.

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