malaysiangMANILA: A priority bill reforming the property valuation and assessment in the country is awaiting President Ferdinand Marcos Jr.’s signature to become a law following its ratification by Congress.
During the plenary session on Wednesday, the House of Representatives ratified the bicameral conference committee report on the disagreeing provisions of House Bill (HB) No. 6558 and Senate Bill (SB) No. 2386, otherwise known as the proposed Real Property Valuation and Assessment Reform Act (RPVARA).
The Senate has already ratified the final version of the bill on Tuesday.
Once enacted into law, it would hasten the automation of services provided by local government units, which in turn would enhance the efficiency of tax collection and improve the delivery of services.
This includes the creation of a Real Property Information System which will maintain an up-to-date electronic database of the sale, exchange, lease, mortgage, donation, transfer, and all other real property transactions and declarations in the c
ountry.
The measure seeks to implement uniform valuation standards for real property assets to promote transparency and enhance investor confidence.
Real property tax includes Special Education Fund, Idle Land Tax, and other special levy taxes which can all be imposed by a local government unit under the Local Government Code.
The measure shall also reorganize the Bureau of Local Government Finance under the Department of Finance and establish the Real Property Valuation Service.
Source: Philippines News Agency
