Manila to lower property taxes beginning January 2020

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Metro Manila (CNN Philippines, August 22) — 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."

The Office of the City Treasurer and the Department of Assessment have been told to issue the rules and guidelines within five days.

Present during the signing was Vice Mayor Honey Lacuna, City Council Majority Floor Leader Joel Chua and other council members.