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City of Tagaytay Issues 1st Notice Of Delinquent Real Property

The City Of Tagaytay recently issued a first notice for delinquent real property and this was also published in the March 20, 2009 issue of the Philippine Daily Inquirer. According to the notice, the properties listed were declared delinquent in payment of real property taxes by virtue of the provisions of SEC. 2A. 44 of the Codified Revenue Ordinance of Tagaytay City enacted from Section 254 of the local Government Code of 1991.

Tagaytay, Taal Lake and Volcano IslandTagaytay, Taal Lake and Volcano Island. Image by Storm Crypt via Flickr

Do take note that this is just a first notice which means owners of the properties included in the list can still pay their realty taxes inclusive of surcharges, interests, and penalties and avoid the foreclosure of their properties. However, in case an owner fails to settle their real property tax arrears on time as stipulated on the ad, the delinquent real property shall be sold through a public auction. Expect the actual list of tax foreclosed properties for public auction to contain significantly less number of properties.

Download the City of Tagaytay’s 1st Notice Of Delinquent Real Property Listing Here.

As I have mentioned in my previous post about the 2008 Marikina tax foreclosure auction, investing in tax foreclosed properties would normally give a return of 2% per month or 24% in total per year on top of the amount of the winning bid.

For example, let’s say you made a bid for a property for Php100,000 and you won, you will receive 2% per month on top of the Php100,000 which means you earn Php2,000 per month, when the property is redeemed by the owner of the property. You can receive a maximum return of 24% or Php24,000, if it takes the owner the maximum 1 year to redeem the property. Not bad at all! If in case the owner does not redeem the property, then the property is yours for a mere Php100,000!

Unlike public auctions conducted by banks that only require a down payment of 10% to 20% of the winning bid, tax foreclosure auctions require the winning bidder to pay the entire bid amount on the day of the auction. The City of Tagaytay should be releasing auction guidelines when the public auction schedule is finalized. As of this writing, no official schedule has been set. You may also visit their website to get the contact information of the City Treasurer’s Office. In the meantime, you may read the Marikina City rules, regulations, and conduct of the public auction as reference. I’ll be posting additional information once they become available so don’t forget to subscribe to my mailing list by simply entering your e-mail address here:
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Do you have a friend who wants to start investing in foreclosures and could use some help? You can also share this to them through e-mail, just use the add-to-any button below.

P.S. I have finally migrated Foreclosed Real Estate Philippines to its own dotcom domain which is https://www.foreclosurephilippines.com. Although the old blogspot address still works and is automatically redirected to the new address, please consider updating your bookmarks to the new address as soon as possible. Updating of all internal links is ongoing and is a work in progress. Do let me know if you encounter any broken links or any problems when accessing Foreclosed Real Estate Philippines by sending an e-mail to ph.investor@gmail.com. Thanks!

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About Jay Castillo
People encounter problems and make mistakes when buying foreclosed properties, and Jay wants to help people avoid those problems/ mistakes. Jay encountered a lot of those, which is why he started this blog in 2008 to serve as a guide where he shares lessons learned, and how to overcome challenges you may encounter when investing foreclosed properties in the Philippines … [Read more]
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12 thoughts on “City of Tagaytay Issues 1st Notice Of Delinquent Real Property”

  1. Hi, i invested in tagaytay forclosed property. I already have the deed of coveyance, deed of sale, paid the cap gains tax but they still wont transfer the title to my name. They only annotated the title. How do i transfer the title to my name?

    Reply
  2. Hi Jay,
    My friend secured a loan from a rural bank, when she failed to pay her loan plus all the interests, the rural bank foreclosed a part of her tax declared agri land. is it legal? they petitioned the govt to sell through public auction my friend’s property and they bought it as against the loan of my friend including the ballooned interests that they’re charging from her. is the rural bank’s action legal?
    Now, my friend could not have her tax declared property titled because the rural bank is claiming and blocking it. Thank you very much

    Reply
  3. Having a list of properties for sale at hand, how do you set about filtering promising properties therein (what personal criteria do you use) and personally checking them? What are the information you need to be able to visit a property personally? Technical description or could the complete address of a property be available? How do you set about getting these infos? Before the auction date, when do you usually start visiting your list of propitious properties? Have you visited properties that have already been canceled for auction? Is there a way to grab hold of an updated list few days before the auction? Do they update it periodically? Or until the auction date, the most uptodate would be the list first officially published?

    Reply
  4. Yup, sayo na yung property after the redemption period. Usually the buyer will be the one to handle the payment of taxes and transfer of ownership.

    Reply
  5. hi Jay!

    so meaning to say pag walang naghabol after the redemption period eh akin na yun? how about the treansfer of documents? ako na mag aayos nun?

    thanks and God bless

    Reply
  6. Sir Jay,

    so meaning to say after the redemption period is over and nobody made a claim, its mine na? pano yung transfer ng title and all documents?

    thanks

    Reply
  7. Hi Anonymous, yes, the minimum bid amount is equal to the tax delinquent amount. In the Marikina auction, I was only able to see the properties from the outside as most were occupied. The city government will not accompany interested buyers to the properties so it would be up to the buyer. Would you believe I met a lot of investors who bought properties without physically visiting them?! Hard to believe but true, and these were the veteran investors.

    Reply
  8. Hi Betty, sorry for the late reply, we just got back last night from Ilocos. For the properties that are 20 years in delinquency, the owners can still pay their arrears plus penalties but once the local government forecloses their properties, they only have one year to redeem it. I’m not sure however if they will be allowed to participate in the auction, it depends on the auction rules which they only release once a public auction has been set.

    With regards to your second question, I don’t see any problem with the children making an appeal as long as they can pay the arrears, even after the auction, as long as it is still within the redemption period. But once the 1 year redemption period lapses, I don’t think they can appeal it anymore.

    Good thing the migration to http://www.foreclosurephilippines.com went smoothly, although I am still looking for old links I may have missed. Thanks!

    Reply
  9. hi jay. is the minimum bid amount equal to the tax delinquent amount? how are you going to see the property before the auction? is the city government as accommodating as the banks in showing the property to interested bidders?

    Reply
  10. if the property your eyeing is under a married couples name, and was foreclosed by the local government and was put up to auction, does the children have the right to appeal or maghabol dun sa property prior to the auction or even after the sale?

    Reply
  11. i saw some properties that are 20years in delinquency, would you say that they are still considered as the first priority in claiming or buying the property?

    congrats on the dot com!!!

    Reply
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