5. Compute the total annual realty tax due for the following given data. Lot area FMV Classification Location : 270 sqm : P1,500.00 : Agricultural : Province

The total annual realty tax due is ₱1,620.Data GivenLot Area = 270 sqmFMV (Fair Market Value) = ₱1,500.00 per sqmClassification: AgriculturalLocation: ProvinceCompute for the assessed value.Assessed value = FMV × area Assessed value = 1,500 × 270 Assessed value = ₱405,000Agricultural land in provinces typically has an assessment level of 40%Assessed value = 405,000 × 0.40 = ₱162,000Apply the realty tax rate (usually 1% in provinces).Realty tax = 162,000 × 0.01Realty tax = ₱1,620

Answered by BertieBoots | 2025-06-05