Practice question
An owner fails to pay an ordinary RPT installment when due. No amnesty, interest condonation or special relief applies. The collector charges2% per month or fraction thereof for fifty months on the unpaid amount. Which limitation is decisive?
- Section255 caps total interest on the unpaid tax or portion at36 months
- Interest may accrue for unlimited months
- The rate is automatically2% per day
- Every late payment receives an automatic principal exemption
- Only a private contract can limit statutory interest
Legal references
- RA7160 Local Government Code: https://lawphil.net/statutes/repacts/ra1991/ra_7160_1991.html Sections247–249,254–255.
- RA12001 Real Property Valuation and Assessment Reform Act: https://lawphil.net/statutes/repacts/ra2024/ra_12001_2024.html Section30, qualifying amnesty limits.
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