goILOILO.com
Travels and personal perspectives on Iloilo and Panay Island
Philippine Real Estate (Property) Taxes
Tags: Philippine property taxes, Philippine Real Estate Taxes
View into lot through gates.
Property Taxes — a welcome contrast. When we lived on a farm in Upstate New York, our local real estate taxes were about $4,000 per year. The annual property taxes of our Tigbauan, Iloilo property are P129.04, however since we paid them early we received a discount. We paid P98.24 for 2009. This is for a 1,500 square meter lot. Of course this will go up when we build a house but still low property taxes are a big benefit to life in the Philippines.
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Posted by GOIloilo on 07.21.09 9:25PM under Our House Project
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Posted by jim monreal on 07.24.09 11:01 pm
Bob, even if you have to pay P9,800 in real estate tax with your new house, that’s approximately $200 against $4,000 here in U.S. – a yearly savings of $3,800. If you live in South Florida the average insurance premium is $4,200 a year. That’s a whopping total of $8,000 a year just on property tax and insurance.
I hope people are smart enough like you and Carol to retire and enjoy the good life in the Philippines for much less than they can imagine.
And, thanks to you Bob for this blog and all the information you willingly shared with us.
Best Regards.
Posted by Bob on 07.25.09 1:35 pm
Jim,
Yes, low property taxes are a really big advantage to retirement in the Philippines. Auto insurance is another savings. I have a very deluxe policy (collision, comprehensive) with Prudential Guarantee which costs $330 per year, about 1/3 of what I was paying on an older car in rural NY. Do Filipinos even have homeowner’s insurance? There won’t be much to burn in our house — it will be almost entirely concrete. I suppose typhoons and earthquakes are the big risks but we’re going to design the house to withstand those.
Posted by natie on 07.25.09 7:38 pm
this is great info, once again, Bob..at my request,my sister has been shopping for a good insurance co. for our properties…could you pls email me your agent’s contact #?? sister had been so busy lately, it would be good to have an agent visit her at home…thanks!!
by the way, my property tax for a 2 bedroom condo, 1 and 1/2 bath here in NJ is also $4,000+ and rising..tolls rising..gas rising…salary creeping up in few cents increments..
Posted by GOIloilo on 07.26.09 7:38 am
RE: Insurance in Iloilo. Natie, here’s the information but I don’t have enough experience with them to give a recommendation, one way or another. Honestly, I think I chose them because the “Prudential” brand has credibility in the U.S. and because they had spiffy and convenient offices on General Luna, in the shadow that ugly new flyover. As I understand it the Philippine Prudential has no affiliation with the UK insurance company of the same name.
Prudential Guarantee Insurance 033-337-8819, 033-508-7433. Asian Platinum Bldg, General Luna, Iloilo City. Allan T. Guibao, OIC and Claims 0922-888-0001
Posted by Dave Garton on 08.05.09 3:58 pm
Well what a fantastic read your blog has been. Most of your small but irritating problems with the fence build were not unexpected by me, and I think you did well to expel the first crew and get the great team you ended up with. Seems you have got a well built fence at the end.
A little about me if thats OK. Married to a Filipina for 12 years, two beautiful daughters 11 & 7 Yrs, lived in Cebu for 4 yrs, near Daan Bantayan, (up the North end), thought I had enough money to retire and thought wrong. Now back UK for the next 10 yrs or so.
Recently bought 1 hectare of land right on the beach in a little place called Bakhawan, Nr. Kawit. and will be building my house as I say in about 10 yrs. Dreading what the construction costs will be then. Looking forward to reading all the progress on your house in due course, I hope ! Any idea when ??
all the very best
Dave
Posted by GOIloilo on 08.21.09 12:27 pm
Dave, Sorry for the late reply. I looked up Kawit. That’s a part of Cebu Island I have not visited but it must be nice. Want to say more about your retirement setbacks? I worry about that too. The U.S. is experiencing deflation so no cost of living increases for my small pension whereas inflation seems to roll on in the Philippines. I don’t know what the official statistics say but we see pretty big increases in the last three years, especially food and fuel.
We plan on building our house as soon as dry weather returns, perhaps in Jan. 2010. Let’s hope rebar and cement do not go up too much!
Bob Hammerslag