Local government units (LGU) in the Philippines will have to ensure their respective property and tax assessment policies are updated following the...
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Valuation of real property has been a problem since time immemorial. The Bureau of Internal Revenue (BIR) and every local government unit (LGU) have their own independent valuation, which most of the time are not the same. There is no specialized agency that is responsible for updating valuation according to international standards. Citizens are also confused where to secure data of similar transactions since there is no comprehensive real property electronic database to capture them. Worse, LGUs valuation is dependent on their tax policy and goals, which results in prices that are not dictated by the market. The “Real Property Valuation and Assessment Reform Act” (RA 12001) hopes to address these issues. Salient points and provisions of the law can be found below:
Local government units (LGU) in the Philippines will have to ensure their respective property and tax assessment policies are updated following the...
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