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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