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A priority bill that seeks to reform the property valuation and tax assessment in the country now awaits President Ferdinand Marcos Jr.’s signature following its ratification by both houses of Congress.
The measure seeks to support the long-term revenue efforts of the government, improve real property valuation by adopting a market-based Schedule of Market Values to be used as basis of local and national real property taxation and reorganize the Finance department’s Bureau of Local Government Finance , among others.
The automation includes the creation of a Real Property Information System which will maintain an up-to-date electronic database of the sale, exchange, mortgage, lease, donation, transfer, and all other real property transactions and declarations in the country.The measure also aims to implement uniform valuation standards for real property assets to promote transparency and enhance investor confidence.
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