Practice question
Market value is P1.5 million and the applicable assessment level is 20%. What is assessed value, assuming the stated lawful figures?
- P1.5 million tax payable
- P300,000
- P30,000
- P1.8 million
- Zero
Legal references
- RA 12001, Sections 3-4, 14-19 and 29: https://lawphil.net/statutes/repacts/ra2024/ra_12001_2024.html
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