By Chino S. Leyco
The Department of Finance (DOF) is hopeful that the Senate would pass the real property valuation bill by the first-semester next year to generate additional revenues for local government units (LGUs) and stimulate the real-estate market.
Finance Secretary Carlos G. Dominguez III said the real property valuation bill aims to haul in more investments from the private sector and help speed up the implementation of the Duterte administration’s centerpiece program “Build, Build, Build.”
The use of a new and uniform schedule of market values (SMVs) on real property will address right-of-way (ROW) issues that at times delay the government’s acquisition of private lands intended for public infrastructure projects, he said.
The House of Representatives (HOR) already approved House Bill No. 4664 or the Real Property Valuation bill, also known as Package 3 of the Comprehensive Tax Reform Program (CTRP).
Once passed into law, the government will have internationally accepted real property valuation standards, single valuation for land transactions taxation, SMVs for ROW acquisition, and the strengthen the valuation of the Bureau of Local Government Finance.
This bill was passed by the House last week on third and final reading by a 224-vote and one abstention.
Dominguez said he “expressed the hope that the Senate will act on its version of this Real Property Valuation Reform bill in the first half of 2020.”
The finance chief, meanwhile, thanked Batangas Rep. Mario Vittorio Mariño, chairman of the House committee on government reorganization, and the other members of the House for the swift approval of the third CTRP package.
“We are grateful that the chairman and the members of the committee and of the House in general have seen the urgency of passing the CTRP’s Package 3, which will generate additional revenues for LGUs, stimulate the real estate market, and haul in more investments,” he said.