PMT Forum

PMT Forum's MOST POPULAR Discussion Boards => Property and Real Estate => Topic started by: kenneth88 on Jul 27, 2014, 11:12 PM

Title: Is acquisition cost used as the fair market value for property taxes?
Post by: kenneth88 on Jul 27, 2014, 11:12 PM
Does anyone know how the Fair market value is determined by City Assessor? Let say I bought a property worth 2M(acquisition cost), is this automatically set as the Fair market value for my property assuming that the prevailing fair market value released for that area is lower lets say 1M worth only.

Formula below:
Assessed Value x Tax Rate = Tax Due

Assessed Value= Fair market value X Assessment level
Title: Re: Is acquisition cost used as the fair market value for property taxes?
Post by: DonT on Jul 28, 2014, 08:27 AM
I think it is usually 'whichever is higher'.
Title: Re: Is acquisition cost used as the fair market value for property taxes?
Post by: mxherr5 on Jul 28, 2014, 11:12 AM
Officially its whatever is higher
but in practice yung zonal value ata
(I say ata because I pay amilyar on
a valuation that's 1/4 of my acquisition
cost. Unfortunately I do not know the zonal
values here)
Title: Re: Is acquisition cost used as the fair market value for property taxes?
Post by: ferrariEverest on Jul 28, 2014, 11:50 AM
Madalas hindi updated ang zonal value or ZV. Minsan lagpas 10 years nang hindi updated. :D Check mo ang property prices dun sa area mo. Yan ang factor bukod sa ZV.