The Cebu Provincial Capitol. | CDND File Photo
CEBU CITY, Philippines — Property owners in Cebu province have been told to anticipate adjustments in the computation of their real property tax dues starting July 1, 2020.
According to a notice issued by the Provincial Treasurer’s Office, the adjustments will result from the implementation of the new schedule of market values (SMV) of real properties here.
“The General Revision of Assessments and Property Classification shall take effect on July 1, 2020. Real property owners are hereby notified for the upcoming adjustment of their real property taxes for CY 2020 and reminded to settle their 2020 real property tax dues,” the notice signed by Provincial Treasurer Roy Salubre reads.
In December 2019, the Provincial Board passed an ordinance by Board Member Horacio Franco of Cebu’s fourth district for the adoption of the revised SVM of real properties that was prepared by the Provincial Assessor’s Office.
Read: Cebu to get richer as Capitol moves to reassess value of real properties
Governor Gwendolyn Garcia, in earlier interviews, said that she has instructed the province’s appraisal committee composed of the Provincial Treasurer and Assessor, among others, to already start to reassess the value of Capitol’s assets.
Garcia said the current value of the provincial properties is already obsolete since the last appraisal was made in 2008 yet or more than a decade ago.
Read: Cebu Province is P188-billion rich
According to Section 219 or the general revision of assessments and property classification clause of the Local Government Code, the provincial assessor is supposed to conduct a reassessment of the value of real properties every three years.
The revision of market values caused the value of the province’s total assets to increase by over 400 percent. From P35.7 billion in 2018, Garcia said that the Capitol closed its books in 2019 with total assets amounting to P188 billion. / dcb