BAGUIO CITY – Finance Secretary Carlos G. Dominguez ordered the local government of Baguio to update the schedule of market values for its real property taxes pursuant to the provisions of the Local Government Code to generate sufficient resources that could be plowed back to the people through the implementation of development projects and enhanced delivery of basic services.
Secretary Dominguez noted that the last general revision of property assessments in Baguio city was in 1996, hence, the current property tax base of the city is already outdated by 21 years.
By the fiscal year 2015, the finance official explained the local government was able to collect P179.88 million on real property taxes using the current schedule of market values as the basis of property assessments.
However, Dominguez pointed out the city could have generated an additional revenue of at least P48.57 million if the schedule of market values was updated and it could increase its collections up to P78.96 million if collection efficiency is optimized using an updated schedule of market values.
Under the Local Government Code of 1991, provinces, cities, and the lone municipality in Metro Manila are required to revise their respective schedule of market values once every three years.
Dominguez underscored in line with the mandate of the finance department to supervise the revenue operations of all local government units, the city government was directed to regularly update its schedule of market values and to conduct the required general revision of property assessments and classifications.
Pursuant to the established procedures under the Local Government Code and the standards, rules and regulations prescribed by the finance department for classification, appraisal and assessment of real property, the City Assessor should prepare the schedule of market values for compliance review by the Bureau of Local government Finance (BLGF) in accordance with Local Assessment Regulation No. 1-2002, and thereafter submit to the Sanggunian for approval and enactment.
“If fully enforced and properly administered, real property tax offers a progressive and stable source of revenues that can be shared by the city with the barangays and the city’s Local School Board, to finance the provision of basic service and education needs to your constituency, thereby improving the city government’s service delivery to the public,” Dominguez stressed in his letter addressed to Mayor Mauricio g. Domogan through City Treasurer Alex B. Cabarrubias and City Assessor Maria Almaya C. Addawe.
Mayor Domogan had been time and gain reminding the local legislative body to already pass the proposed revisions to the existing schedule of market values for property assessments and classifications so that the BLGF will not be constantly accusing the city officials of being remiss in their duties and responsibilities to update its revenue sources pursuant to the existing provisions of the Local Government Code.
By Dexter A. See
