An Ordinance Imposing Tax on Transfer of Real Property Ownership in the City of Surigao and for Other Purposes

June 7, 2007 SURIGAO CITY ORDINANCE NO. 265-07 AN ORDINANCE IMPOSING TAX ON TRANSFER OF REAL PROPERTY OWNERSHIP IN THE CITY OF SURIGAO AND FOR OTHER PURPOSES The Sangguniang Panlungsod of the city of Surigao hereby ORDAINS : SECTION 1. Imposition of Tax . There is hereby imposed a tax on the sale, donation, barter, or on any other mode of transferring ownership or title of real property at the rate of thirty-five percent (35%) of one percent (1%) of the total consideration involved in the acquisition of the property or of the fair market value in case the monetary consideration involved in the transfer is not substantial, whichever is higher. The fair market value shall be determined by the City Assessor based on the prevailing schedule of market value approved for use at the time when the corresponding deed of conveyance was presented to the authorities concerned for actual transfer of property records from the name of the seller, donor or transferor to the name of the buyer, donee or transferee. SECTION 2. Exemption . The sale, transfer or other disposition of real property pursuant to R.A. No. 6657 shall be exempt from this tax. Any mode of transfer, except sale, in favor of the government shall likewise be exempt from this tax. SECTION 3. Time and Manner of Payment . It shall be the duty of the seller, donor, transferor, executor, or administrator to pay the tax to the City Treasurer herein imposed within sixty (60) days from the date of the execution of the deed or from the date of the decedent's death. SECTION 4. Administrative Provisions . (a) Duty of the Registrar of Deeds. The Registrar of Deeds of the City shall, before registering any deed, require the presentation of the evidence of payment of this tax. (b) Duty of the City Assessor. The City Assessor shall also require the presentation of the evidence of payment of this tax before canceling an old tax declaration. SECTION 5. Surcharge for Late Payment . The taxpayer shall pay a surcharge of twenty five percent (25%) of one (1%) percent of the amount of the tax due. If he/she fails to pay the tax imposed in this Ordinance within the time prescribed, an interest of two percent (2%) per month of the unpaid tax and surcharges shall be imposed until total obligations are paid but not exceeding thirty-six (36) months. SECTION 6. Effectivity . This ordinance shall take effect on the fourth quarter of the current year. Enacted on June 7, 2007. I HEREBY CERTIFY to the correctness of the foregoing ordinance. JUAN A. SALDO, JR. Sangguniang Secretary ATTESTED: BENJAMIN J. NAVARRO, JR. City Vice-Mayor Presiding Officer APPROVED: ALFONSO S. CASURRA City Mayor