Mr. Maginoo owns a commercial building located in a city with a fair market value of ₱10 million. The Sangguniang Panlungsod fixed the assessment levels based on the maximum allowable rates provided in RA 7160. The assessment level of his building would be? a. ₱6,000,000.00 b. ₱5,000,000.00 c. ₱7,500,000.00 d. ₱4,000,000.00 e. ₱3,500,000.00
Mr. Maginoo owns a commercial building located in a city with a fair market value of ₱10 million. The Sangguniang Panlungsod fixed the assessment levels based on the maximum allowable rates provided in RA 7160. The assessment level of his building would be?
a. ₱6,000,000.00
b. ₱5,000,000.00
c. ₱7,500,000.00
d. ₱4,000,000.00
e. ₱3,500,000.00
Using the information above, assume that the Sangguniang Panlungsod levy the maximum rate based on RA 7160, the real property tax would be?
a. ₱80,000.00
b. ₱70,000.00
c. ₱120,000.00
d. ₱100,000.00
e. ₱150,000.00
Using the information above, the disposition of proceeds from the real property tax paid by Mr. Maginoo would be:
a. City-₱70,000.00; Barangay where the property is located-₱15,000.00; and To be equally distributed to all component Barangays-₱15,000.00
b. City-₱105,000.00; Barangay where the property is located-₱22,500.00; and To be equally distributed to all component Barangays-₱22,500.00
c. City-₱49,000.00; Barangay where the property is located-₱10,500.00; and To be equally distributed to all component Barangays-₱10,500.00
d. City-₱56,000.00; Barangay where the property is located-₱12,000.00; and To be equally distributed to all component Barangays-₱12,000.00
e. City-₱84,000.00; Barangay where the property is located-₱18,000.00; and To be equally distributed to all component Barangays-₱18,000.00
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