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Manila Bulletin devider Philippines devider National devider Gatchalian highlights new law's benefit to delinquent real property taxpayers 

Gatchalian highlights new law's benefit to delinquent real property taxpayers 

Published Jun 15, 2024 08:41 am

At A Glance

  • The enactment of the Real Property Valuation and Assessment Reform Act (RPVARA) will provide reprieve for delinquent taxpayers of real property tax, Senator Sherwin Gatchalian said on Saturday, June 15. 

Sherwin Gatchalian.jpgSenator Sherwin Gatchalian

 

 

 

 

 

 

 

The enactment of the Real Property Valuation and Assessment Reform Act (RPVARA) will provide reprieve for delinquent taxpayers of real property tax, Senator Sherwin Gatchalian said on Saturday, June 15. 

Gatchalian was referring President Marcos' recent signing of Republic Act (RA) No.12001. 

With the new law, delinquent taxpayers would not have to pay interest or penalty for any outstanding real property tax payments, he said. 

Specifically, RA No.12001sets a two-year amnesty on interests and penalties for taxpayers with unpaid real property tax. 

“We hope that the passage of this law would eventually encourage compliance among taxpayers of real property tax as they get to enjoy non-payment of interest and penalties when they pay their outstanding real property taxes,” said Gatchalian, principal author of the measure. 

According to him, the RPVARA is also expected to hasten the automation of services provided by local government units (LGUs). 

This in turn would likely enhance the efficiency of tax collection of LGUs and consequently the delivery of services to their constituents, noted the Senate Committee on Ways and Means chairman. 

Gatchalian highlighted the creation of the Real Property Information System, which will provide an up-to-date electronic database of the sale, exchange, lease, mortgage, donation, transfer, and all other real property transactions and declarations in the country. 

“The enactment of RPVARA gives us a remarkable opportunity not only to modernize our processes but also to reaffirm our commitment to progress, efficiency, and fairness in property valuation,” Gatchalian said. 

He emphasized that the RPVARA would bring about a uniform valuation standard for real property assets. 

The solon further said that adopting a better valuation system ensures that more people benefit from their land and properties, promoting development and boosting wealth for the country.

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