The Senate Ways and Means Committee on Thursday approved in principle the bills to reform the valuation of real estate in the country.
The real estate appraisal and valuation reform proposal is package 3 of the Duterte administration’s Comprehensive Tax Reform Program (CTRP).
In her opening statement, Senator Pia Cayetano, who chairs the panel, said the proposed real estate valuation reforms aim to address the following issues: outdated and rampant valuations being used for government purposes, in particular for national and local taxation; cost overruns and lost revenues due to local assessments used; multiple overlapping assessment of different government agencies; and the lack of a comprehensive electronic real estate database.
âPackage 3 proposes, among other things, to adopt internationally accepted real estate valuation standards and to streamline the valuation process, to establish a single valuation basis for taxation, and for the LGU of continue to set, adjust and regulate tax rates and assessment levels, âshe added.
Cayetano pointed out that CTRP Package 3 will still allow local government units to set, adjust and regulate tax rates and assessment levels.
The three Senate bills and the House of Representatives version of the Real Estate Valuation and Valuation Reform Bill were passed without objection from the various stakeholders who attended the meeting. ‘hearing.
In addition to government agencies, the League of Provinces of the Philippines, the Subdivision and Housing Developers Association, Inc. (SHDA) and the Organization of Social and Economic Housing Developers of the Philippines, Inc. have all expressed support for the proposed measure and provided contributions to the review of legislators.
âLike I said, I’m not used to having hearings in the Ways and Means committee just to have full support. Your very specific comments and observations are therefore very well taken into account and we will take them into account, âshe said.
A technical working group will be formed to finalize the details of the Senate version of the Real Estate Valuation and Valuation Reform Bill.
In November 2019, the House of Representatives approved their version of the bill at third and final reading.
All fiscal and budget measures should be passed by the House of Representatives before the Senate can deliberate on them.âAOL, GMA News