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.
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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.