Photo from: Senate of the Philippines

Manila – The Department of Finance (DOF) Revenue Generation and Local Finance Group Officer-in-Charge (OIC) Undersecretary Dakila Elteen Napao, Fiscal Policy and Monitoring Group (FPMG) Undersecretary Maria Cielo D. Magno, and Bureau of Local Government Finance (BLGF) OIC Executive Director Ma. Pamela P. Quizon further discussed the proposed Real Property Valuation and Assessment Reform (RPVAR) bill to the members of the 3^rd Technical Working Group (TWG), on 29 March 2023, at the Senator Padilla Room, 2^nd Floor, Senate of the Philippines.

The pertinent sections of the bill that were discussed in the said meeting are the Publication of Assessment Levels and Tax Rates (Sec. 16), Uses of Schedule of Market Value (Sec. 17),  Updating of the Schedule of Market Values (Sec. 18), Conduct of Capacity Building Interventions (Sec. 19), and the Development of Real Property Information System (Sec. 20).

Senator Sherwin T. Gatchalian, Chairperson of the Committee on Ways and Means, emphasized that the SMV that will be approved by the BLGF will be the basis for determining the baseline or base price of the value of the property.

The DOF and BLGF committed to expound in detail on the process of tax declaration of properties and the existing assessment calendar, and to submit a position paper on the proposal for the DOF to partner with LGUs and the national government in undertaking the revision and approval of the SMV.