Money Saving Tip: Pay Your Real Property Tax Early (Updated)

When do you pay your annual real property tax?

Sec. 60 of the Real Property Tax Code (or PD No. 464) states:

“Payment of real property taxes in installments. — Real property taxes may, in the discretion of the taxpayer, be paid without penalty in four equal installments; the first installment to be due and payable on or before March thirty-first; the second installment, on or before June thirty; the third installment, on or before September thirty; and the last installment, on or before December thirty-first, except the special levies authorized under Sections forty-seven and fifty-five of this Code which shall be governed by the local ordinance or Department Order issued by the Secretary of Finance, as the case may be.”

Source: http://www.acproperty.com.au/ckfinder/userfiles/images/2(269).jpg

Source: http://www.acproperty.com.au/ckfinder/userfiles/images/2(269).jpg

 

For taxpayers who choose to pay the entire year’s real property tax within the first quarter, there are discount incentives.

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Just Thinking Out Loud…

Last night, hubby dropped a bombshell on me. Or at least, it seemed like it.

He gave me a computation for additional taxes I needed to pay by April 15.

The amount wasn’t peanuts. At least not for someone like me who has not had a paycheck for over a decade and just recently went back to work. Gee, with that amount of money going to taxes, I could already buy so much grocery, plunk a down payment on my kids’ tuition, or even get myself a new dress or shoes…no, SEVERAL dresses or shoes.

I don’t really mind paying taxes. I recognize my duty as a good citizen of this country.

What I really, really mind is WHERE my taxes will end up.

So many working people like myself pay our taxes religiously. We can’t escape it. The built-in withholding tax system ensures that the right amount of taxes are withheld from our pay every month.

But for the past months, seeing all these corruption scandals erupting here and there and not knowing how many more of these kinds of scandals have not yet been unearthed, I think to myself whether my taxes are going the WRONG way and are simply supporting lavish lifestyles of corrupt officials in government. We had the fertilizer scam, the “baboy” scam, and now this hullabaloo about rice shortage and I wonder…..

ANO PA KAYA????

As April 15 approaches, I wonder how many of the employed folks, ordinary citizens like myself, with young mouths to feed, with very little disposable income or savings, will troop to the BIR to pay taxes and like me, wonder where their hard-earned money will end up.

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A Taxing Season

This weekend finds me turning my attention to taxes.

There are real estate taxes to pay. I just finished paying off the taxes for the land where our home stands on. There went a huge chunk of my home budget.

Now I need to send out checks to various Treasurer’s Offices. Not that we have a lot of properties. My Dad passed away years ago with tiny properties here and there but the effort to pay the taxes (writing checks, preparing covering letters, mailing them out via registered mail) is the same as having large tracts of land.

I also just recently renewed my cedula, will renew my professional tax license, and by April, pay my income tax. Add another month and tuition fees will be upon us.

Such a TAXING SEASON indeed!

For legit, working citizens like myself, paying taxes lops off a huge chunk of take home pay but it is a duty that everyone has to one’s country.

I cannot help but think though that those who are in power and who are deeply into corruption are taking home so many millions more than ordinary citizens like myself and get away without paying the corresponding taxes on them.

If there was such a thing as a Corruption Tax that charges a certain percentage for every kickback made, I think that tax would build more roads, feed more poor, erect more public schools, provide potable water, bring electricity to many parts of this impoverished country of ours.

The Government is supposed to be the good steward of monies received from its citizens. When that money is squandered and goes to the pockets of people in power, the citizens are left thinking what the heck they are paying their taxes religiously for.

I am not advocating that we stop paying our taxes. I just wish our leaders would realize just how much it takes from each and everyone of us to pay them and finally, finally put it where it is needed most.

*sigh*

 

 

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