Makati City OKs lower real property tax rates — Mayor Abby

The Makati City government has approved a landmark ordinance that will lower existing real property tax rates on all classes of land in the city effective Jan. 1, 2025, Makati City Mayor Abby Binay announced on Monday, March 31.

- By PATRICK GARCIA

It is the biggest tax reduction and the lowest tax assessment level to date. Binay said she signed City Ordinance No. 2025-047 amending sections of the Revised Makati Revenue Code, or City Ordinance No. 2004-A-025, on March 24, which pertain to the imposition of basic real property tax and assessment levels.

"Following a comprehensive review of current tax rates and prevailing economic conditions, we have proceeded with our plan to lower tax rates for all classes of land in the city. Residents and property owners in the city will now enjoy substantial savings from the biggest tax reduction and lowest assessment levels implemented by the city government to date," she said.

"This move is expected to provide relief to residents, and boost Makati's competitiveness as a premier investment destination for large corporations, startups, and small entrepreneurs," she added.