Real Estate Property Tax (RPT) house and lot is paid by the unit owner based on its floor/lot area. The developer advances payment of RPT in behalf of its clients and buyers. MyCitiHomes shall release the title to the buyer once the RPT on unit along with other requirements are settled. The buyer shall then pay the RPT of the house and lot directly to the local government.
Basis for computation of real estate property tax:
BASIC TAX = ASSESSED VALUE x MUNICIPAL RATE ON RPT