Unformatted text preview: ble institutions are tax exempt. centralized under the City Treasurer, although the Code provides for barangay treasurers to
assist in the collection. The Code also specifies the sharing of proceeds between local units.
The city unit shares 30 percent of the total tax revenue with the barangays. Thus, the
barangays have an incentive to aid in the collection of property tax.
The Code provides taxpayers an incentive whereby it allows up to 20 percent
discounts for advanced payment of property tax. Payments can be made in four equal
installments over the year, failing which there is a maximum 2 percent per month penalty,
with an upper limit of 24% charged on the total delinquent amount. But there is no
additional cost for non-payments after a year.
Olongapo has adopted all the provisions for property tax as stated under the Code.
In addition, the city has an ongoing attempt to tax map its seventeen barangays to improve
the fiscal cadastre, which incorporates the entire built-up area in all the barangays. The City
has also attempted to improve collection by auctioning properties in 1997.
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- Winter '13
- Revenue, ........., Olongapo City, Tax rates around the world