Bill seeks to exempt poor families from real estate tax-A A +A
Monday, July 14, 2014
A MEASURE seeking the exemption of less fortunate families from paying real estate taxes has been filed in the House of Representatives.
House Deputy Speaker Giorgidi Aggabao said there is need to further protect poor families from losing their homes for the reason of non-payment of real estate taxes.
"Can you imagine poor families, already burdened by financial difficulties to sustain their daily needs, losing their homes simply because they cannot pay their real estate taxes," Aggabao asked.
Aggabao said House Bill 120 or "An Act to exempt the family from the payment of real property tax" had been referred for consideration to the House committee on Local Government.
The lawmaker said the Constitution expressly recognizes the family as an inviolable institution that needs protection.
The family home is defined as "the dwelling house where a person and his family reside, and the land on which it is situated."
"A duly constituted family home is hereby declared exempt from the payment of the real property tax if the owner of the real property is actually residing therein and the current and fair market value thereof does not exceed five hundred thousand pesos," the bill stated.
The measure stated that if the current and fair market value of the family home exceeds the P500,000, only the first P500,000 shall be exempt from the payment of the real property tax, and the excess shall be subject to tax.
However, if the current and fair market value of the family home exceeds P1 million, the entire real property shall be subject to tax.
By setting the aforementioned qualifying provisions, Aggabao said the Filipino family, especially the poor ones, may be spared from the sorry spectacle of losing their homes simply because they cannot pay their real estate taxes, the author said. (Sunnex)