Friday, June 26, 2009

Valuation of Real Properties

SEN. Panfilo Lacson is proposing for a uniform valuation of real estate properties in the Philippines.

During a recent consultative hearing on the matter in Cagayan de Oro City, Lacson observed that the Philippines has no uniform valuation of real properties unlike in countries such as the United States.

“If one is in San Diego for example and if you want to buy a piece of land, you can easily determine the value of the property. Here, you have to ask a real estate broker,” he said.

Town and city assessors from all over Mindanao were present in the consultations to discuss and deliberate the matter.

Under his proposal, Lacson suggested to establish and maintain valuation standards to govern the valuation for real property in the country by adopting the market value as the single real property valuation base for their assessment.

Market values will be determined through the enactment of ordinances in the respective localities.

Its implementation in all local government units in the country will then be supervised by a new government agency to be created, the National Valuation Authority which will have regional offices in all 16 regions in the country.

With that, local government units are also required by then to update their real property database.

A uniform real property valuation in the Philippines pushed

1 comment:

Anonymous said...

Real property is some thing which we have to handle very carefully... :).

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