Property Tax: Key Responsibilities for Property Owners
Property tax is charged on property owners by reference to the actual rent receivable
(including lease premium) in the relevant year of assessment. Owners in receipt of rental income must inform this Department in writing if they are liable to tax and supply the particulars of the property not later than 4 months after the end of the basis period for the year of assessment (e.g. on or before 31 July 2024 for the year of assessment 2023/24), unless they have already received the appropriate tax returns.
A return issued by the Department should be completed and furnished to the Department within the stipulated time limit for official record updating purpose even if no rental was received in respect of the property concerned (e.g. the property was solely and exclusively occupied by the owner or someone else without consideration). Owners should report their rental income in the appropriate returns as follows
Type off return | Type of property ownership |
Tax Return – Individuals (BIR60) | Solely owned by an individual |
Property Tax Return (BIR57) | Jointly owned or co-owned by individuals |
Property Tax Return (BIR58) | Owned by corporations and bodies of persons |
Besides, owners chargeable to property tax must:
- Keep sufficient rent records, such as lease agreements and duplicates of rental receipts for at least 7 years.
- Inform this Department of change of address in writing within 1 month.
- Inform this Department of change of ownership in writing within 1 month.
