Revision of fair market values of properties in CSF begins

The City Government of San Fernando, through the City Assessor’s Office (CAssO), recently met with various public and private stakeholders for the initial step in the general revision of real property assessment.

Under Republic Act No. 7160 or the Local Government Code, LGUs are required to undertake general revision of the real property assessment within its jurisdiction every three years.

Before any general revision of property assessment is made, schedules of fair market values (SFMV) by the provincial, city and the municipal assessors for the different classes of real property should be prepared.

City Assessor Dr. Luz Bautista said that the conference aimed for the LGU to inform the stakeholders of the pertinent details relative to the formulation of the SFMV.

Bautista explained during the conference that the revised SFMV will be the basis in the appraisal and assessment of all real properties in the city, including its classification and taxability.

The formulated SFMV will be submitted for review and certification to the Department of Finance-Bureau of Local Government Finance and after which the certified SFMV will be transmitted to the City Mayor for endorsement to the Office of the Sangguniang Panlungsod for approval.

The approved revised SFMV is expected to take effect in 2023 and is seen to benefit the stakeholder in the aspect of accountability, and the local government, in terms of acquiring increased real property taxes which will create more programs, projects, and activities for its constituents, she added.

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