MANILA - Manila Mayor-elect Isko Moreno on Friday said he would reduce real estate taxes in the city by 40 percent over 3 years to make collections more efficient.
Moreno said the real estate tax rate would be decreased by 20 percent on his first year, by 10 percent on the second year, and another 10 percent on the last year of his term.
Improved collection is expected to offset P2 billion in projected losses from the tax rate cut, he said.
Currently, local government collects only P10.5 billion of the the P14.10 billion real estate taxes in the city, he said.
Moreno said he would also launch a tax amnesty program in September.