What is the purpose of zonal value?
Zonal Valuation – is an approved zonal schedule of fair market values on real property used by the Bureau of Internal Revenue as basis for the computation of internal revenue taxes. Zonal valuation is used primarily: Basis for computing the fair market value of the property. computation of internal revenue taxes.
Is zonal value higher than market value?
Okay, this may shock you: BIR Zonal Values are purely for taxation purposes only! They are not an accurate basis in determining a property’s market value. On the other hand, if a property’s selling price is higher than the BIR Zonal value for that property’s location, it also does not follow that it is overpriced.
How can I check my RDO balance online?
How to Know Your BIR RDO Code: 3 Ways.
- Check your BIR Form 1901/1902/1903/1904/1905. Look for a copy of the BIR form you filed when you applied for a TIN.
- Contact the BIR hotline. You may inquire about your RDO code by calling the BIR’s Customer Assistance Division.
- Visit the nearest RDO.
Can you sell property below zonal value?
BIR Zonal Values are purely for taxation purposes only! Simply put, If you’ve found a property with a selling price that is below the BIR zonal value for that property’s location, it does not follow that the property is a bargain.
Which is higher zonal value or assessed value?
Local government units makes assessments of value for real property tax purposes. This is what is called “assessed value” that is normally lower than the zonal value of the Bureau of Internal Revenue. Valuation of real property is subject to periodic appraisal by the local government.
How do I know my BIR RDO?
How much is my land worth in the Philippines?
While there is still no truly official way to determine FMV of properties in the Philippines, two effective and popular ways for estimation are (1) a comparative market analysis (CMA) and (2) a real estate appraisal.