Land lots in Legazpi, Albay

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Albay (Central Bicolano: Probinsya kan Albay; Tagalog: Lalawigan ng Albay; Spanish: Provincia de Albay) is a province located in the Bicol Region in southeastern Luzon of the Philippines. Its capital is the City of Legazpi, the regional center of the whole Bicol Region, which is located in the southern foothill of Mayon Volcano, the symbol most associated with the province. This perfectly symmetrical active stratovolcano forms a magnificent, scenic backdrop to the city of Legazpi and is visible throughout the municipalities and cities of Albay including the surrounding provinces.The province was added to the UNESCO World Network of Biosphere Reserves in March 2016.

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In real estate, a lot or plot is a tract or parcel of land owned or meant to be owned by some owner(s). A lot is essentially considered a parcel of real property in some countries or immovable property (meaning practically the same thing) in other countries. Possible owner(s) of a lot can be one or more person(s) or another legal entity, such as a company/corporation, organization, government, or trust. A common form of ownership of a lot is called fee simple in some countries. A lot may also be defined as a small area of land that is empty except for pavement or similar improvement. An example would be a parking lot. This article covers lots as parcels of land meant to be owned as units by an owner(s). Like most other types of real estate, lots owned by private parties are subject to a periodic real estate tax payable by the owners to local governments such as a county or municipality. These real estate taxes are based on the assessed value of the real property; additional taxes usually apply to transfer of ownership and property sales. Other fees by government are possible for improvements such as curbs and sidewalks or an impact fee for building a house on a vacant lot.

Source: https://en.wikipedia.org/