Legislative History
| House Bill/Resolution NO. House Bill No. 3569, 12th Congress of the Republic | |
| FULL TITLE : AN ACT GRANTING REAL PROPERTY TAX EXEMPTION TO THE FAMILY HOME | |
| ABSTRACT : As used in this Act, the term "family home" shall mean the dwelling house where its owner and his family reside, and the land on which it is situated. A person may be the owner of the only one family home which shall be principally or predominantlyutilized for residential purpose.> A family home as defined in this Act is hereby exempt from the payment of the real property tax as long as the owner of the real property and his family are actually residing therein and the current and fair marketvalue thereof as reflected in the owner's tax declaration does not exceed Four Hundred Thousand Pesos (P400,000.00) in rural areas and Five Hundred Thousand Pesos (P500,000.00) in urban areas at the time of the availment of the exemption. | |
| PRINCIPAL AUTHOR/S : PEREZ, FRANK S. | |
| DATE FILED : 2001-10-16 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Echiverri (045 ) | 2. Monfort (058 ) |
| 3. Syjuco (055 ) | |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2001-10-22 |
Abstract
As used in this Act, the term "family home" shall mean the dwelling house where its owner and his family reside, and the land on which it is situated. A person may be the owner of the only one family home which shall be principally or predominantlyutilized for residential purpose.> A family home as defined in this Act is hereby exempt from the payment of the real property tax as long as the owner of the real property and his family are actually residing therein and the current and fair marketvalue thereof as reflected in the owner's tax declaration does not exceed Four Hundred Thousand Pesos (P400,000.00) in rural areas and Five Hundred Thousand Pesos (P500,000.00) in urban areas at the time of the availment of the exemption.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.