Updated December 21, 2008 12:00 AM [ philstar.com ]
The Taguig City Council has approved an ordinance seeking from 300 to 400 percent increase in real property taxes.
The council said the move was meant to revise the fair market values (FMV) of real properties in the city and set a more accurate appraisal of land in key areas.
The ordinance supersedes the seven-year-old Municipal Ordinance 41, approved in 2001 when Taguig was still a municipality.
City Ordinance 113 provides for the revision of per-square-meter appraised value of real properties in the following areas: Spring Lane Homes, from P640 to P3,000; Pacific Residences, P1,600 to 3,000; Morning Sun Subdivision, P800 to 1,000; Maysapang, P2,000 to 6,000; El Patu, P1,600 to 6,000; Greenville Homes, P1,600 to 6,000; Lakeview Manor, P1,300 to 3,000; and Vista de Lago, P1,600 to 3,000.
Valuation for commercial-residential areas at the City Center, Bonifacio South, E-Square, Bonifacio North, NCBD, and Crescent Park West will increase from P6,000 to P22,000 per square meters.
Properties at the Bonifacio Triangle, University District, and Station Square East are now valued at P16,000 from P6,000.
Revisions also included the valuation for McKinley Hills Commercial (from P2,500 to P16,000) and Mahogany Place (from P800 to P4,000). Property valuations for other areas remain the same.
Mayor Sigfrido Tinga said this is the first time his city has revised the FMV schedule of real properties since Taguig was declared a city in 2004.
Tiñga said the revision would reflect the correct value of real properties in the city, given Taguig’s rapid growth and development, particularly in Fort Bonifacio.
“The emergence of Taguig as one of the highly urbanized cities in the metropolis necessitates the revision of our property valuations. We believe that our assessment schedules are now outmoded and have somewhat created significant disparity between the fair value and selling price of real properties in Taguig. The new ordinance corrects this and now properly reflects their prevailing value,” Tiñga said.
He said Taguig still has a lower unit base market value both for residential and commercial properties, compared with other major cities in Metro Manila. – Rhodina Villanueva