BONTOC, Mountain Province – Local Assessment Operations Officer IV Salvacion P. Likigan discussed the basic provisions of the Republic Act (RA) No. 12001 otherwise known as the Real Property Valuation and Assessment Reform Act during the Monday Program at the Provincial Plaza on August 19, 2024.
Likigan said that the RA was put into effectivity last June 13, 2024. She explained that the law aims to establish and maintain standards that are based on the Philippine Valuation Standards to govern the valuation of real property in the country, adopt market value as the single real property valuation base for the assessment of real property-related taxes in the country and for the valuation of real property for various transactions by all government agencies, promote the fiscal autonomy of local government units (LGUs) to provide basic services to their constituency by enhancing their capacity to generate local revenues from real property, separate the functions of valuation of real properties from the functions of tax policies formulation and administration of the taxes due thereon, and provide a comprehensive and up-to-date electronic database of all real property transactions, among others.
Likigan added that the law requires the mandatory quarterly submission of real property transactions of the Bureau of Local Government Finance (BLGF) by the Registry of Deeds, Bureau of Internal Revenues, notary publics, officials issuing building permits, and geodetic engineers.
“In line with this, all LGUs shall automate their real property operations within two years from the effectivity of this act. Compliance to this act shall be an additional indicator for the grant of the seal of good local governance. Lastly, the BLGF is now prioritizing the crafting of the implementing rules and regulations of this act,” Likigan ended. By Hail, MP
