Capitol tells LGUs to reassess property values
CEBU CITY, Philippines — Local governments in Cebu are told to reassess the values of their real estate properties.
Cebu Gov. Gwendolyn Garcia issued Executive Order (EO) No. 37 on September 23 that mandates local government units (LGUs) to rationalize the assessment, issuance, cancellation and reissuance of tax declarations over real estates in their jurisdictions.
Garcia signed EO No. 37 after learning that several real properties in the province have not undergone reassessment for its “fair and current market value” for quite some time.
“Some of these real properties and improvements have not been assessed of its current and fair market values nor issued the corresponding tax declarations due to their land classification as part of timberlands, forest lands, wilderness areas, or no build zones,” a portion of the EO read.
EO No. 37 orders Municipal and City Assessors to immediately assess the value of real properties and improvements within their areas of jurisdiction.
“Once assessment has been made, the Municipal Assessor shall issue the corresponding tax declaration to the declared owner indicating therein that the issuance thereof does not necessarily vest ownership rights over the said property,” the EO said.
“The Municipal Assessors shall issue tax declarations to the transferees thereof regardless of the land classification of the said property as part of timberlands, forest lands, wilderness areas, or no build zones only for the purposes of real property tax assessment,” it added.
When Garcia returned to the Capitol in 2019, one of her priorities was to reappraise the market value of all Capitol-owned real properties.
As a result, the equity and assets of Cebu, the country’s wealthiest province, jumped.
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