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Manila Bulletin devider Philippines devider National devider Homeowners protest plan to hike real property values

Homeowners protest plan to hike real property values

Published Aug 1, 2022 08:10 am

Homeowners in Metro Manila and elsewhere are worried over the government's plan to adjust upward the outmoded value of real properties to increase the tax take of local government units (LGU).

President Ferdinand 'Bongbong' Marcos Jr. (Photo by Noel Pabalate / MANILA BULLETIN)

They expressed their concerns after President Ferdinand "Bongbong" Marcos Jr. stated in his State of the Nation Address last month that he will pursue certain tax reform program initiated by the previous administration.

Homeowners said the proposal will adversely affect the middle class and marginal house and lot owners who, like the big majority of Filipinos, are experiencing financial hardships due to skyrocketing prices of basic commodities and services.

The Tax Reform Package No. 3 of the previous Duterte administration seeks to revise the unrealistic fair market of real properties to current reasonable level without touching the existing tax rates.

To illustrate, if the market value of a property is P5 million, it will have to be adjusted upward to reflect it's current price.

The real property tax will now be based on the new and higher assessment.

Unlike the Bureau of Internal Revenue, LGUs do not conduct periodic zonal valuation of lots and structures to collect the appropriate capital gains and other taxes.

It can be recalled that then Manila Mayor Isko Moreno scrapped the plan of his predecessor to increase real property tax rate following strong protest hurled by city dwellers.

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8012022 BIR Bureau of Internal Revenue real property taxes
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