Capitol to reappraise real estate properties in the province
CEBU CITY, Philippines—The Cebu Provincial Government will undertake reappraising of real estate properties throughout the province, focusing on Metro Cebu, where the majority of commercial establishments are situated.
The Capitol’s Public Information Office (PIO), in a statement on Monday, March 20, 2023, announced that this was what was agreed between Gov. Gwen Garcia and the representatives of independent private appraisers during a meeting.
“The private appraisers, as ordered by Gov. Gwen, will identify the top ten commercial establishments, including malls and hotels, that will be covered by the initial phase of the reappraisal drive, as well as Cebu’s top five industrial companies,” the Capitol said.
“Capitol is moving ahead with its plan to tap independent private appraisers to assess the fair market value of building improvements done by commercial and industrial establishments in Cebu Province,” it added.
The Cebu Provincial government is also expected to sign a memorandum of agreement (MOA) with these private firms to formalize their agreement.
These include Cuervo Appraisers, Asian Appraisal, and AA+ Appraisal Inc.
For the reappraisal mapping, private appraisers will follow the list of commercial entities for whom the mayor’s office has issued permits.
The target establishments include supermarkets, malls, resorts, restaurants, industrial sites, subdivisions, and amusement and recreational centers.
The appraisal firms will also create their teams to proceed with the appraisal activities.
“The governor has opted for the private appraisers’ intervention even as she had given a three-month ultimatum to all assessors of the 44 municipalities in the province to submit a more accurate reappraised value of real properties of all commercial firms in their respective localities,” the Capitol PIO said.
Garcia put the reappraisal of real properties in the province as one of her administration’s priorities to eventually increase Capitol’s tax collection to fund its programs and projects.
/bmjo
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