Real Property Appraisal and Taxation Quiz

What is the primary duty of the Department of Finance regarding real property?

• To collect taxes on real property

• To promulgate rules for classification and appraisal

• To oversee property sales

• To manage real estate transactions

How often must property owners file a sworn statement declaring the true value of their property?

• Every five years

• Every three years

• Every two years

• Every year

What happens if a property owner fails to declare their property?

• The property is sold at auction

• The property is exempt from taxes

• The assessor will declare the property

• They are fined

What is the maximum rate of basic real property tax for a province?

• 2%

• 5%

• 1%

• 3%

Which of the following is exempt from real property tax?

• Commercial buildings

• Residential properties

• Industrial lands

• Real property owned by the Republic of the Philippines

What is the purpose of the Real Property Identification System?

• To maintain property records

• To assess property values

• To classify properties for taxation

• To track property ownership

What is the time frame for notifying the assessor after transferring property ownership?

• 60 days

• 90 days

• 30 days

• 120 days

What is the role of the Local Board of Assessment Appeals?

• To collect taxes

• To assess property values

• To hear appeals on property assessments

• To manage property sales

What is the maximum additional tax rate on idle lands?

• 10%

• 5%

• 2%

• 1%

What must be included in the sworn statement filed by property owners?

• The market trends

• The property's history

• The owner's income

• A description of the property