Real Property Taxation (Ra 7160)

72 Questions | Total Attempts: 734

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Real Property Quizzes & Trivia

Questions and Answers
  • 1. 
    Real property shall be appraised at its current and __________.
    • A. 

      Acquisition Cost

    • B. 

      Assessed Value

    • C. 

      Fair Market Value

    • D. 

      Replacement Cost

  • 2. 
    Real property shall be classified for assessment purposes on the basis of its __________.
    • A. 

      Acquisition Cost

    • B. 

      Actual Use

    • C. 

      Assessment

    • D. 

      Classification

  • 3. 
    Real property shall be assessed on the basis of a uniform __________within each local government unit;
    • A. 

      Actual Use

    • B. 

      Appraisal

    • C. 

      Assessment

    • D. 

      Classification

  • 4. 
    The appraisal, assessment, levy and collection of real property tax shall be let to any private person;
    • A. 

      True

    • B. 

      False

  • 5. 
    The appraisal and assessment of real property shall be equitable.
    • A. 

      True

    • B. 

      False

  • 6. 
    Which of the ff. statement is incorrect? a) Real property shall be appraised at its current and fair market value; b) Real property shall be classified for assessment purposes on the basis of its actual use; c) Real property shall be assessed on the basis of a uniform classification within each local government unit; d) The appraisal, assessment, levy and collection of real property tax shall be let to any private person;  e) The appraisal and assessment of real property shall be equitable.
    • A. 

      (a) Real property shall be appraised at its current and fair market value;

    • B. 

      (b) Real property shall be classified for assessment purposes on the basis of its actual use;

    • C. 

      (c) Real property shall be assessed on the basis of a uniform classification within each local government unit;

    • D. 

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

    • E. 

      (e) The appraisal and assessment of real property shall be equitable.

  • 7. 
    __________ is land devoted principally to the planting of trees, raising of crops, livestock and poultry, dairying, salt making, inland fishing and similar aquacultural activities, and other agricultural activities, and is not classified as mineral, timber, residential, commercial or industrial land
    • A. 

      Agricultural Land

    • B. 

      Commercial Land

    • C. 

      Industrial Land

    • D. 

      Residential Land

  • 8. 
    __________ is land devoted principally for the object of profit and is not classified as agricultural, industrial, mineral, timber, or residential land
    • A. 

      Agricultural Land

    • B. 

      Commercial Land

    • C. 

      Industrial Land

    • D. 

      Residential Land

  • 9. 
    ____________ is land devoted principally to industrial activity as capital investment and is not classified as agricultural, commercial, timber, mineral or residential land;
    • A. 

      Agricultural Land

    • B. 

      Commercial Land

    • C. 

      Industrial Land

    • D. 

      Residential Land

  • 10. 
    ___________ is land principally devoted to habitation.
    • A. 

      Agricultural Land

    • B. 

      Commercial Land

    • C. 

      Industrial Land

    • D. 

      Residential Land

  • 11. 
    ___________ 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;
    • A. 

      Commercial Land

    • B. 

      Industrial Land

    • C. 

      Mineral Land

    • D. 

      All of the above

  • 12. 
    The ff. statements are collectively known as __________. (a) Real property shall be appraised at its current and fair market value; (b) Real property shall be classified for assessment purposes on the basis of its actual use; (c) Real property shall be assessed on the basis of a uniform classification within each local government unit; (d) The appraisal, assessment, levy and collection of real property tax shall not be let to any private person; and (e) The appraisal and assessment of real property shall be equitable.
    • A. 

      Basic Principles

    • B. 

      Fundamental Principles

    • C. 

      General Principles

    • D. 

      Taxation Principles

  • 13. 
     __________ is the fair market value of the real property multiplied by the assessment level. It is synonymous to taxable value;
    • A. 

      Assessed Value

    • B. 

      Depreciated Value

    • C. 

      Fair Market Value

    • D. 

      Remaining Value

  • 14. 
    Taxable Value is the fair market value of the real property multiplied by the assessment level.
    • A. 

      True

    • B. 

      False

  • 15. 
    ___________ is the value remaining after deducting depreciation from the acquisition cost;
    • A. 

      Assessed Value

    • B. 

      Depreciated Value

    • C. 

      Fair Market Value

    • D. 

      Remaining Value

  • 16. 
    ________ 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;
    • A. 

      Assessed Value

    • B. 

      Depreciated Value

    • C. 

      Fair Market Value

    • D. 

      Remaining Value

  • 17. 
    __________ is the value corresponding to the remaining useful life of the machinery;
    • A. 

      Assessed Value

    • B. 

      Depreciated Value

    • C. 

      Fair Market Value

    • D. 

      Remaining Value

  • 18. 
     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
    • A. 

      True

    • B. 

      False

  • 19. 
    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.
    • A. 

      Two

    • B. 

      Three

    • C. 

      Four

    • D. 

      Five

  • 20. 
    The filing period of the sworn declaration of real property is from January first (1st) to _________ commencing with the calendar year 1992.
    • A. 

      January thity-first

    • B. 

      March thirty-first

    • C. 

      June thirtieth

    • D. 

      December thirty-first

  • 21. 
    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.
    • A. 

      True

    • B. 

      False

  • 22. 
    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.
    • A. 

      True

    • B. 

      False

  • 23. 
    It shall also be the duty of any person, acquiring at any time real property, to prepare, or cause to be prepared, and file with the assessor concerned, a sworn statement declaring the true value of subject property, within _____ days after the acquisition of such property or upon completion or occupancy of the improvement, whichever comes earlier.
    • A. 

      15 days

    • B. 

      30 days

    • C. 

      60 days

    • D. 

      90 days

  • 24. 
    Every person by or for whom real property is declared, who shall claim tax exemption for such property shall file with the assessor concerned within ____ days from the date of the declaration of real property sufficient documentary evidence in support of such claim including corporate charters, title of ownership, articles of incorporation, by-laws, contracts, affidavits, certifications and mortgage deeds, and similar documents.
    • A. 

      15 days

    • B. 

      30 days

    • C. 

      60 days

    • D. 

      90 days

  • 25. 
    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.
    • A. 

      True

    • B. 

      False

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