BAGUIO CITY – City officials recently authorized City Treasurer Alex Cabarrubias to implement tax amnesty on real property pursuant to the pertinent provisions of Republic Act (RA) 12001 or the Real Property Valuation and Assessment Reform Act.
Under Resolution No. 712, series of 2024, local legislators stated that the Bureau of Local Government Finance (BLGF) of the Department of Finance (DOF) will be the primary implementing agency to develop, maintain, and apply uniform valuation standards which should be used by all appraisers and assessors in local government units (LGUs) and different agencies.
On June 13, 2024, President Ferdinand R. Marcos, Jr. signed into law RA 12001 that took effect 15 days after its publication in the official gazette or in a newspaper of general circulation.
The law aims to encourage tax compliance and the sustainable development and maintenance of a just, equitable and uniform real property valuation aligned within international standards.
Further, it aims to establish and maintain standards based on the Philippine Valuation Standards (PVS) 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 LGUs to provide basic services to their constituency by enhancing their capacity to generate local revenues from real property; separate the function of valuation of real properties from the functions of tax policy formulation and administration of the taxes due thereon; provide a comprehensive and up-to-date electronic database of all real property transactions; support the development of an information database on valuation through continuing research and monitoring of new developments in the discipline to upgrade the country’s valuation system and be at par with global standards contributing to the country’s inclusive and sustainable economic growth; subject to the provisions of Republic Act (RA) No. 10173, otherwise known as the “Data Privacy Act of 2012”, ensure transparency in real property transactions to protect public interest, and develop confidence in the valuation system; and remote the use of innovative digital technology in local and real property tax administration, real property transactions, and other business processes to improve the LGUs’ revenue generation capacity.
Copies of the approved resolution will be transmitted to the City Treasury Office for information, guidance, ready reference and further needed action. By Dexter A. See
