The confusion caused by different standards used by different local government units to compute real property taxes may soon be gone, once a bill filed by Sen. Panfilo M. Lacson is passed into law.
Senate Bill 44, the proposed “Real Property Valuation and Assessment Reform Act,” seeks to draw up uniform standards and methods of real property valuation to help LGUs maximize revenue collections, and in turn promote genuine local autonomy.
“Multiple land valuation systems and methodologies used by at least 23 national government agencies and 1,712 LGUs, including private individuals and institutional appraisers—each using their own systems and measures, (result) in as many conflicting values for the same piece of real property,” Lacson said.
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