ILOILO CITY,July 03 (PNA)– The city government here gets a share of 70 percent while the barangays get 30 percent from real property tax collection as provided for in the local government code.
The proceeds of the basic real property tax, including interest thereon and proceeds from the use, lease or disposition, sale or redemption of property acquired at a public auction by the province, city and municipality and distributed to the province, town and city and the barangays.
The city has reportedly collected more than P350 million in real property taxes in 2013 and expected to increase to P475 million in 2015.
City Assessor Nelson Parreno said the city share accrue to the general fund while the share of the barangays shall be distribute among the component barangays of the city with 50 percent to the barangay where the property is located and another 50 percent to the other barangays.
The proceeds from the additional 1 percent tax on real property accruing to the special education fund (SEF) shall be automatically release to the local school boards.
The proceeds of the additional real property tax on idle lands shall accrue to the general fund of the city where the land is located while the proceeds from the special levy on lands used for public works projects and other improvements shall accrue to the general fund of the local government unit. (PNA)