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Cua: Real property valuation and assessment law augments LGUs' revenue source

Philippines | National

Cua: Real property valuation and assessment law augments LGUs' revenue source

By Chito Chavez

The signing of the Republic Act (RA) 12001 is crucial in raising the the source of revenues of local government units, Union of Local Authorities of the Philippines (ULAP) president and Quirino Gov. Dax Cua said.

RA 12001, or the “Real Property Valuation and Assessment Reform Act" was signed by President Marcos into law and Cua said this will be of bg help in boosting local economy.

“Due to an inefficient and outdated system we have lost revenue over the years that surely amounts to billions. These are revenues that could have been used to render key social services to our communities,” Cua emphasized.

"This is a law that will benefit not only local government units but also all investors and property holders who can expect transparent and accurate valuation of their properties," he added.

He explained that the law aims to streamline and improve the real property valuation and assessment system by shifting to a uniform real property appraisal compliant with international standards.

“The law also adopts the prevailing market value as the single real property valuation base for assessing the real property tax,’’ Cua noted.

ULAP has been advocating for reforms in the country's real property valuation, which it believes would empower LGUs and improve their service delivery.

Cua also urged the national government to provide training to LGUs to ensure that the new property valuation system is properly implemented.

“The objectives of this law will only be obtained if it is properly implemented across the board. We will need the help of the national government regarding this,” Cua continued.

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