What Constitues Real Property

In the Philippines, Real Property Taxation is governed by the provision of Real Property Tax Code under PD No. 464. This has been amended by the Local government Code of 1991, most specifically under Title Two-Real Property Taxations

Definition of Real Property

Real Property is broad, however for purposes of discussions, It includes land and buildings (immovables) and those attached to the soil like trees, plants and growing fruits, It also includes machineries or implements for an industry so that work may carried out. Under the local government code, Logging Machineries although not attached to the land, yet essential to the operation of the logging compnnies are taxable

Real Property Administration

It is an admitted fact that in any establishment, be it single, partnership or corporation, one of the biggest asset found in the balance sheet is that of the Real Properties. Simply saying, what are these properties and its constitutions. Why am I taxed of a property that already belongs to me or that of the company. These are the questions property owners, administrators and students should ask. How are real properties valued and tax for purposes of taxation. for these reasons, please follow after me as I will discuss in details regarding the administration of real properties in the Philippines.