SOURCE: Press and Public Affairs Bureau
11 September 2019 08:07:37 PM
The House Committee on Ways and Means chaired by Rep. Joey Sarte Salceda (2nd District, Albay) approved on Wednesday the substitute bill on Real Property Valuation and Assessment Reform Act, which is Package 3 of the government's Comprehensive Tax Reform Program (CTRP). Rep. Jose Gay Padiernos (Party-list, GP), who sponsored the bill as a Vice Chair of the Committee on Government Reorganization, explained that the bill aims to promote the development of a just, equitable, and efficient real property valuation system. It intends to improve real property valuation for the government through the adoption of a market-based schedule market value (SMV) as basis of local and national real property taxation and ensure transparency in real property transactions to protect public interest and develop confidence in the valuation system.