Real property taxes in Manila will go down by 20 percent beginning January 1, 2020.
Mayor Francisco"Isko Moreno" Domagoso signed Ordinance 8567 on Thursday which grants a reduction on the incremental real property taxes on all classes.
This means real property will only be taxed up to 48 percent instead of the current 60 percent once the ordinance takes effect. According to the ordinance, the lower tax rate will provide a"more progressive and equitable revenue system to help our taxpayers from the detrimental effects of economic downturn."
LOOK: Manila Mayor Isko Moreno signs ordinance reducing real property taxes on all classes in the city effective January 1, 2020.
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