Just to advise HOMEOWNERS of an important issue with regards to the “assessed value” of your house found at the back page of Declaration of Real Property ( Tax Declaration ).
Your “assessed value” will be the basis of your Annual Realty Taxes and should you improve and add additional structures in your property, the property should be inspected to update the assessed value thus an issuance of an updated Declaration of Real Property.
Case in point is a couple who did major renovation on their residential house ten years ago. They weren’t informed of the proper procedure and never informed the assessor’s office of their renovation.
This homeowner was penalized from the time their renovation was done as they haven’t been paying the updated correct amount of their property’s assessed value.