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Philippines – Property Taxes

Property Tax

  • A yearly tax based on the assessed value of a property.
  • For residential properties, the tax is usually around 0.75% of the assessed value.

Capital Gains Tax (CGT)

  • Applies to the sale of a property and is calculated as a percentage of the net sales price.
  • The CGT rate is 6% for individuals and corporations.

Inheritance Tax

  • A tax on property passed down to an heir through inheritance.
  • The tax rate is 6% of the net value of the estate.

Gift Tax

  • A tax on property gifted to another person.
  • The tax rate is 6% of the fair market value of the property.

Tax on Property Income

  • Applies to rental income from a property.
  • The tax rate is based on the rental income and ranges from 20% to 32%.

Tax Advantages in Buying a House in the Philippines

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  • No CGT for a primary residence that is sold after 10 years of ownership.
  • A tax exemption of up to PHP 1,000,000 ($20,000) on the sale of a principal residence.
  • Tax incentives for individuals and corporations who invest in socialized housing or low-cost housing projects.