BAGUIO CITY – The Bureau of Local Government Finance (BLGF) Continuing Professional Development (CPD) Program of the Capacity Building Division (CBD), in a bid to ensure the effective use of equitable and sustainable valuation in the country, conducted the Skill Enhancement Training on the Updating of Schedule of Market Values (SMV) and Conduct of General Revision (GR) of Real Properties on 18 to 21 October 2022 at the Hotel Supreme Convention Plaza, Baguio City, which was participated by fifty-one (51) real estate professionals and twenty-three (23) non-REA participants from the local assessment offices of the Cordillera Autonomous Region (CAR).
The preparation of SMV for the different classes of real property is a mandate of the provincial, city, and municipal assessors in the country pursuant to Sections 212 and 219 of the Local Government Code (LGC) of 1991. Per the LGC, all local government units (LGUs) shall undertake a general revision of real property assessments within two (2) years after the effectivity of the Code and every three (3) years thereafter.
Since 1993 up to the present, LGUs’ compliance with the LGC requirement continue to decline, with only 37% of LGUs and 60% of Revenue District Offices (RDOs) have complied with the updating of SMVs.
In the CAR, three (3) provinces have not yet updated the SMV, namely: Apayao, Benguet, and Mountain Province, whose last revision conducted were in 2010, 2013, and 2013, respectively. Baguio City took 23 years to update its SMV. The provinces of Abra, Kalinga, and Ifugao are currently conducting their general revision with effectivity dates of 01 January 2023 for Abra and Kalinga, and 01 January 2024 for Ifugao.
Outdated real property valuation in the LGUs and the Bureau of Internal Revenue (BIR) impact the LGUs’ ability to transform into economically sound and fiscally responsible institutions and led to taxpayers’ and administrators’ disagreements in paying correct real property.
The said training program is designed to equip the participants on the steps and procedures of SMV development (urban and agricultural lands), and real property assessments revision based on the Department of Finance (DOF) issuances (i.e., Manual on Real Property Appraisal and Assessment Operations (MRPAAO), Philippine Valuation System (PVS), Local Assessment Regulations (LAR)), and to enhance knowledge and understanding about SMV and general revision related local laws, rules, and regulations. The participants who successfully completed the training program will earn a total of thirty-two (32) CPD units that can be used for two (2) license renewals.