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Pasig zonal values raised

Posted on April 08, 2013 11:19:50 PM [ BusinessWorld Online ]
By Bettina Faye V. Roc, Reporter

REAL PROPERTY owners in five barangays in Pasig will start paying higher taxes on the sale or transfer of their assets after the Department of Finance (DoF) updated the zonal values for the area.
Zonal values in five barangays in Pasig City have been adjusted to reflect the present values of properties.
The DoF has issued Department Order No. 49-2012 dated Dec. 17, which revises the zonal values of the areas covered by Revenue District Office (RDO) 43A-East Pasig.

The order, signed by Finance Secretary Cesar V. Purisima, was published in a national newspaper yesterday.

RDO 43A is composed of the following barangays: Bagong Ilog, Kapitolyo, Oranbo, Pineda, and San Antonio.

Bureau of Internal Revenue (BIR) Deputy Commissioner Nelson M. Aspe said yesterday the updated zonal values will be implemented 15 days after the publication of the department order.

“We have no estimate, though, as to by how much the tax of the properties will increase. It will depend on the transactions,” said Mr. Aspe in a phone interview.

Zonal values are used in the computation of taxes on the sale or transfer of a real property. These values depend on whether a piece of land is residential, commercial, industrial, agricultural, “general purpose” or yet to be classified, condominium and “vicinity” or near a street or neighborhood.

The BIR compares the zonal values with the assessor’s schedule of fair market values and the selling price indicated on the deed of sale or document of transfer. The higher number is used to compute the taxes -- capital gains, creditable expanded withholding, documentary stamp, donor’s or estate tax -- on the transaction.

This is the fifth time that the DoF has updated the zonal values for RDO 43A.

Values for these areas were last revised in the year 2000.

The department order set zonal values for residential and commercial establishments, including townhouses and condominiums. It also updated the list of condominiums in the area as well as the names of streets in the covered barangays.

For instance, a residential condominium unit in Valle Verde Mansion located along Captain H.P. Javier Street in Brgy. Oranbo is now valued at P38,000 per square meter, higher than the P25,000 per square meter in the previous valuation. A parking slot is also valued at P22,800 per square meter.

Commercial spaces in Strata 2000 Building along F. Ortigas, Jr. Avenue in Brgy. San Antonio, meanwhile, are now valued at P60,000 per square meter versus the previous valuation of P35,000 per square meter.

Industrial lots in Brixton Street, Brgy. Kapitolyo are also now valued at P35,000 per square meter, higher than the P15,000 per square meter rate in the year 2000 zonal values.

Mr. Aspe said the values were updated to “reflect the present values of these properties.”

“The update of zonal values in all RDOs is ongoing, to upgrade to current values,” he added.

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