Cam Norte among provinces with updated Schedule of Market Values
He said that the province was also included among the 30 provinces that are generally compliant in the general revision of property assessments and classification based on the data posted at the website of the Department of Finance (DOF) and the Bureau of the Local Government Finance (BLGF) recently.
He said that based on the data revenues from the Real Property Tax (RPT) sustain local government unit’s delivery of basic services for the people.
Under the Local Government Code, RPT should be based on a SMV that is fair, current, and updated. Provinces and cities are required to update the SMV and to conduct general revision of property assessments and classifications once every three years.
An updated SMV leads to more revenues from real property tax. More revenues mean more social services.
The provincial government through the Provincial Assessor’s Office is now conducting a general revision of real property appraisal to be implemented in 2015, he said. (MAL/RBM-PIA5/CamNorte)
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