Definition
A local tax imposed on the transfer of real property ownership. The rate varies from 0.5% to 0.75% of the selling price or zonal value (whichever is higher), depending on the city or municipality. This is typically paid by the buyer.
Examples
- •Transfer tax in Makati: 0.75% of selling price
- •Must be paid before title can be transferred
Tips & Best Practices
- ✓Check the local rate as it varies per city
- ✓Pay at the City/Municipal Treasurer's Office
- ✓Required before processing at Registry of Deeds
Related Terms
More in Taxes & Fees
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