Manila Mayor announces major cut in real property tax - reports

Manila Mayor Isko Moreno has reportedly announced a reduction of real property taxes by 20 percent, according to media reports. The tax cut will be applicable to "all classes" of real estate.

The new ordinance will take effect on January 1, 2020.

READ: The newly signed ordinance by Mayor Isko Moreno reducing real property tax in Manila by 20% will take effect on January 1, 2020. | via @ramboreports pic.twitter.com/c42jqC3bRW

— Rappler (@rapplerdotcom) August 22, 2019

Real property tax is levied on the assessed value of a property by the Philippines government and owners are liable to pay it annually.