Real Property Taxation (Ra 7160)

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Questions: 72 | Attempts: 1,691 | Updated: Aug 21, 2023

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Aug 21, 2023

Quiz Edited by
ProProfs Editorial Team
Dec 04, 2013

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Arenceegee

Real Property Taxation (Ra 7160)

Real property shall be appraised at its current and __________.

Real property shall be classified for assessment purposes on the basis of its __________.

Real property shall be assessed on the basis of a uniform __________within each local government unit;

The appraisal, assessment, levy and collection of real property tax shall be let to any private person;

The appraisal and assessment of real property shall be equitable.

__________ is land devoted principally for the object of profit and is not classified as agricultural, industrial, mineral, timber, or residential land

____________ is land devoted principally to industrial activity as capital investment and is not classified as agricultural, commercial, timber, mineral or residential land;

___________ is land principally devoted to habitation.

___________ are lands in which minerals, metallic or non-metallic, exist in sufficient quantity or grade to justify the necessary expenditures to extract and utilize such materials;

__________ is the fair market value of the real property multiplied by the assessment level. It is synonymous to taxable value;

Taxable Value is the fair market value of the real property multiplied by the assessment level.

___________ is the value remaining after deducting depreciation from the acquisition cost;

________ is the price at which a property may be sold by a seller who is not compelled to sell and bought by a buyer who is not compelled to buy;

__________ is the value corresponding to the remaining useful life of the machinery;

All real property, whether taxable or exempt, shall be appraised at the current and fair market value prevailing in the locality where the property is situated

The sworn declaration of real property shall be filed with the assessor concerned once every _____ years during the period from January first (1st) to June thirtieth (30th) commencing with the calendar year 1992.

The filing period of the sworn declaration of real property is from January first (1st) to _________ commencing with the calendar year 1992.

It shall be the duty of all persons, natural or juridical, owning or administering real property, to prepare, or cause to be prepared, and file with the assessor concerned, a sworn statement declaring the true value of their property.

The sworn declaration of real property shall be filed with the assessor concerned once every year during the period from January first (1st) to June thirtieth (30th) commencing with the calendar year 1992.

If the required evidence or proof of exemption is not submitted within the prescribed period, the property shall be listed as taxable in the assessment roll.

Any person who shall transfer real property ownership to another shall notify the assessor concerned within sixty _____ from the date of such transfer.

Which of the ff. classification is not among the special class of real property? a) Cultural b) Educational c) Hospital d) Scientific

It is the percentage applied to the fair market value to determine the taxable value of the property.

The maximum assessment level for land is 50%. Which of the ff. classification of land have a lower assessment level of 50%? a) Agricultural b) Commercial c) Industrial d) Mineral

What is the maximum assessment level for Mineral , Industrial and Commercial lands?

What is the maximum assessment level for Cultural, Hospital and Scientific class of real property?

All lands, buildings, and other improvements thereon actually, directly and exclusively used for hospitals, cultural, or scientific purposes shall be classified as special.

All lands, buildings, and other improvements thereon actually, directly and exclusively used for hospitals, cultural, or scientific purposes shall be classified as special.

All assessments or reassessments made after the first (1st) day of January of any year shall take effect on the first (1st) day of January of the current year

When real property is assessed for the first time or when an existing assessment is increased or decreased, the assessor shall within _____ days give written notice of such new or revised assessment to the person in whose name the property is declared.

In what manner of delivery must the Notice of New or Revised Assessment may be made?

For purposes of assessment, a depreciation allowance shall be made for machinery at a rate not exceeding _____ of its original cost or its replacement or reproduction cost, as the case may be, for each year of use.

The remaining value for all kinds of machinery shall be fixed at not less than __________ of such original, replacement, or reproduction cost for so long as the machinery is useful and in operation.

Which of the ff. is not a member of the City Board of Assessment Appeals? a) City Assessor b) City Engineer c) City Prosecutor d) Registrar of Deeds

Who is the Chairman of the City Board of Assessment Appeals? a) City Assessor b) City engineer c) City Prosecutor d)Registrar of Deeds

The Members of the Board of Assessment Appeals shall serve as such in an ex officio capacity with additional compensation.

The Board of Assessment Appeals shall decide the appeal within __________ days from the date of receipt of such appeal.

The Central Board of Assessment Appeals shall be composed of a chairman, and _____ members, who shall serve for a term of seven (7) years, without reappointment.

The Chairman and Members of the Central Board of Assessment Appeals are appointed by the ______.

The chairman and the members of the Central Board of Assessment Appeals shall be Filipino citizens, at least ______ years old at the time of their appointment.

The chairman and the members of the Board must be __________ for at least ten (10) years immediately preceding their appointment.

Appeal on assessments of real property made under the provisions of this Code shall suspend the collection of the corresponding realty taxes on the property involved as assessed by the assessor, without prejudice to subsequent adjustment depending upon the final outcome of the appeal.