Assessor’s Office updates schedules of fair market values for real property

CITY OF SAN FERNANDO—The City Assessor’s Office (CAssO) convened on Thursday a meeting with stakeholders to agree on the final schedules of fair market values (SFMV) for lands and buildings here.

An updated SFMV is necessary for CassO to make a general revision on property assessment which must be done every three years as stated in the Republic Act No. 7160 or the Local Government Code.

On July 02, 2021, CassO began its initial steps in updating the SFMV thru various meetings and consultations with public and private stakeholders.

On December 02, the final SFMV was formulated. This will be submitted for review and certification to the Department of Finance-Bureau of Local Government Finance and eventually transmitted to the City Mayor for endorsement to the Office of the Sangguniang Panlungsod for approval.

Once approved, the SMFV will become the basis in the appraisal and assessment of real properties in the city. It will be also used as the basis for local land and property-related taxes.

City Assessor Dr. Luz Bautista assured that appraisal on real property will be just and fair.

“Huwag po kayong mag-alala, ang pag a-appraise po ng Assessors Office ay just and fair. Walang mayaman, walang mahirap. Technical and scientific ang ginagamit naming basehan. Hindi kami nagba-base sa kung sino kundi sa kung ano ang tama at maka-tao,” Bautista said.

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