Real Estate Property Tax

Frequently Asked Questions

1. What is real estate property tax?

Real estate property tax is a tax imposed by your Local Government Unit that property owners must pay annually. Taxable properties include land, building, improvements on the land and/or building, and machinery.

2. Why do I need to submit a copy of my updated real estate property tax receipts to the bank?

Existing home loan clients are required to submit a copy of the updated real estate property tax receipts annually to ensure that the tax pertaining to your collateral is paid correctly and as part of the bank’s regulatory requirements.

3. Where can property owners pay their real estate property tax?

The treasurer’s office of the municipality collects the payment of real property tax.

4. How do I compute the real estate property tax?

Assessment levels differ per property, based on their area and/or their usage. You may go to your respective assessor’s office to request for the actual computation of your property tax.

5. How often should I pay the real estate property tax in the Philippines?

Property owners must pay for their real estate property tax annually. You may check for the payment due date with your assessor’s office.

6. What do I need to provide to the assessor’s office to request the computation of my real estate property tax?

You may present a copy of the tax declaration or a copy of the Real estate property tax receipt or clearance from the previous year/s.

7. Do I need to pay for the real estate property tax even if my property is still under mortgage?

Yes. Paying your real estate property tax is mandatory even if the property is still under the mortgage.

8. Can Security Bank handle the payment of the real estate property tax for us?

This service is not being offered by the bank; however, we can consult our service provider if they are able to accommodate this request. Please note that this may be subject to a service fee.

9. What do I need to submit if I have already paid my real estate property taxes for the year?

Please submit a copy of your collateral’s updated real estate property tax receipts to [email protected]

10. How do I know if my real estate property tax is updated?

You may check with the assessor’s office of your respective municipality or your respective real estate developers, whichever is applicable.

11. I am currently outside the Philippines; how do I process the payment of my real estate property tax?

Your assigned Attorney-in-fact or immediate relative can facilitate the processing of your real property tax payment and coordination with the bank.

12. Who will pay the real estate property tax if the property is still under the developer’s name?

Please coordinate directly with your property developer on payment agreements for your real estate property tax.

13. Do I still need to pay the real estate property tax even if the construction of my property is still on going?

There is still a tax payment required for the lot.  An improvement tax will take effect once the construction of the property is 100% completed.

14. What will happen if I don’t pay my real estate property taxes on time?

Annual payment of real estate property tax is mandatory. Further delays or non-payment, may result in corresponding penalties.

15. Why do I still get notifications even I have already submitted my updated real estate property tax receipts?

This email is an annual reminder sent to all our clients. You may disregard this reminder if you have already submitted your updated real estate property tax receipts.

16. Why did we not receive a reminder/ notification for the past years?

The requirement of annual submission of a copy of your real estate property tax receipts in indicated in the Home Loan Welcome Kit which was sent to you after your loan was booked.

17. How do I know if this is a legitimate email from Security Bank?

All email reminders from [email protected] regarding the submission of an updated copy of real estate property tax receipts are legitimate.

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