City revises schedule of market values for land

The city council approved on second reading a proposed ordinance adopting the revised schedule of market values for land in Baguio.
Under the proposed ordinance, which was authored by all council members, the increase in real property taxes for land will be on a staggered basis.
Seventy percent of the increase will be applied on the first year of implementation and 30 percent will be applied on the second year.
The assessment level for residential and agricultural lands will be fixed at two percent while the assessment level of commercial, industrial, mineral, and land classified for special use will be seven percent.
For a property that could not be valued, classified, or assessed using the approved schedule of market values, the City Assessor is authorized to value, classify, and assess the real property applying laws, rules, and regulations pertinent to the appraisal and assessment of the property.
The ordinance required that lands should be valued according to the approved schedule of market values and assessed based on its actual use and the improvements introduced on it.
The ordinance explained that a land used for more than one purpose, such as residential and commercial, will be assessed based on its dominant use while recreational lots will be assessed as commercial.
Industrial lots will be assessed as commercial lots while agricultural lots will be assessed as residential lots.
Section 219 of the Local Government Code of the Philippines provides that the provincial, city, or municipal assessor should revise their real property assessments within two years after the effectivity of the Code and every three years thereafter.
The city government has not revised the schedule of fair market values for lands, buildings, machineries, plants and trees in the city since 1996.
Bureau of Local Government Finance-Cordillera OIC Director Ma. Florizelda A. Enriquez certified that the proposed schedule of market values for land in Baguio City complied with assessment regulations or the manual on real property appraisal and assessment operations. – PIO release