Vol. XXII, No. 118-A [ Business World Online ]
Saturday, January 17, 2009 | MANILA, PHILIPPINES
DAVAO CITY — The local government has raised real property values after 15 years, hoping to generate an additional P20 million for the city’s coffers. Under the Fair Market Value ordinance, residential property values have been raised by a range of P300 to P700 per square meter, while those in commercial areas have been raised by as much as P1,000.
Cesar M. Dataya, city assessors office officer-in-charge, said the reassessed property valuation would be implemented this year as inspectors are expected to finish updating the value of buildings in time for the adjusted rates.
The Local Government Code has required local government units to update fair market values of properties every three years. Davao City’s last value adjustment was implemented in 1993.
As a result of the adjustment, Bunawan district, which hosts industrial plants, saw values raised by 763.4%. Panacan within Bunawan was accredited by the Philippine Export Zone Authority as an industrial zone.
The city assessors office was given a budget of P6 million for the reassessment project. Mr. Dataya said they might request another P4 million for additional technical workers they will hire to inspect and determine the value of buildings.
City Treasurer Rodrigo S. Riola said the ordinance will result in a gross collectible of P400 million without discounts. The city is offering a 20% discount to owners who would settle in full on Jan.1-March 31. — Joel B. Escovilla
