THE tripartite committees on commerce and trade, on finance and ways and means and on subdivision and landed estate chaired by Councilors Ramon Tabor, Simeon Licayan and Reynaldo Advincula yesterday heard the formal appeal for adjustment of local realtors and businessmen on the schedule of fair market values and real property tax rates in the city.
The business group cited that while they are one with the city in the efforts to generate revenues to finance its programs, and agree on the need to adjust the fair market values, a review and readjustment of the FMV should be done considering the ongoing economic recession, which is predicted to last for three years. The new schedule of fair market values took effect January this year. The businessmen and realtors group recommended that the city reduce by 50-percent the assessment level for residential or instead of 7 percent to 3.5 percent as well as reduce the tax rate from 2-percent to 1.75 for residential and 2.75 from 3-percent for commercial. They further proposed that the property values/assessment be rationalized by harmonizing or realigning fair market values and zonal values. In the appeal for readjustment, they cited that the local governments of Quezon City, Makati City and Mandaluyong City have not implemented any increase in business and realty taxes due to the recession while in Batangas and Pampanga, the FMVs taxes are being reviewed as of this time. The increase in FMVs in Davao City and Pagadian City is also under protest. The proposal of the businessmen and realtors group was referred by the tripartite body to the City Treasurer and the City Assessor’s offices for proper study.