Appraisal and Assessment in the

Government by Michelle M. Esperal

Prelims Quiz No.1
Completed on Wednesday, 18 October 2023, 5:16 PM
Grade 100.00 out of 100.00
Question 1
The real estate tax in Metro Manila is one percent, whereas it is two percent in the
provinces.
False

Each year, your assessor will need to go through all the properties in the municipality to
determine which assessments need to be changed to keep the roll consistent.
True

All real property, sometimes referred to as real estate, is valued. Real property includes
land and any permanent structures attached to it. True

The physical description (or inventory) and estimated value of each parcel must be kept up
to date. True

Real property includes houses, gas stations, office buildings, vacant land, hotels, shopping
malls, saleable natural resources (oil, gas, timber), farms, apartment complexes, industries,
restaurants, and, in most situations, mobile homes. True

The Local Governments Unit or LGU in the Philippines has the jurisdiction to produce
revenue sources according to Republic Act 7160 or the Local Government Code, which
was established in 2001 False

The assessor verifies the correctness of every real estate transfer, including the buyer,
seller, and transaction price True

. Once the Board of Assessment Review (BAR) has acted on assessment complaints and
ordered necessary revisions, the preliminary assessment roll is considered final.
True

The Real Property System also incorporates computer-assisted mass appraisal applications True
for estimating value and updating assessments
Assessment records are updated, and any exceptional circumstances affecting the transfer
are also confirmed. At the real estate closing, the results are reported on form RP-5217.
This form is corrected by the assessor. True

The Real Estate Tax is an international government tax levied on commodities such as
land, buildings, land or building renovations, and machinery False

A special assessment is used to recoup 90% of the cost of a public project that benefits the
property.
False

The assessment roll shows both assessments and any appropriate exemptions True
Assessors who utilize computers are more efficient than those who do it by hand. CAMA
algorithms are used to appraise sales and estimate values for many properties at the same
time. True

The assessor is obligated to keep assessments at a constant proportion of market value

each year. The assessor takes an oath to that effect while verifying the preliminary True
assessment roll, which is the document that contains each property assessment.
A property's market value is the price it would sell for in an open market under normal
conditions. True

The assessor is required by law to attend all public hearings of the Board of Assessment
Review (BAR). The BAR may require that the assessor produce evidence in support of True
preliminary assessments that taxpayers are contesting.
Aside from mortgage and association fees, one of a homeowner's obligations is to pay the
real estate or real property tax regularly.
True

The BAR makes its conclusions and orders any necessary adjustments to the assessment
roll before it becomes final after meeting in secret without the assessor. True

Before appraising a parcel of property, the assessor determines its market value. True
Operating expenses, insurance, maintenance costs, financing terms, and predicted earnings
are all considered. This is referred to as the income approach True

To determine market values, the assessor must be familiar with all aspects of the local real
estate market True
The assessor is a local government official who determines the value of real estate within
the boundaries of a city, town, or village True

The assessment level might be as little as 5%, as much as 20%, as little as 50%, or as much
as 100%. True

The ad valorem tax on idle lands is set at 15% of the assessed value of real property tax. False