- December 5, 2018
Ordinance SP-2556, S-2016 is a significant local legislation in Quezon City that establishes the updated schedule of fair market values (FMVs) for lands, buildings, and other structures. This ordinance aligns with the provisions of the Local Government Code of 1991 (R.A. No. 7160) and its implementing rules and regulations. Spearheaded by Councilor Allan S. Reyes and other city officials, this ordinance aims to provide an equitable and updated basis for real property taxation in Quezon City.
Objective of the Ordinance
The primary goal of Ordinance SP-2556, S-2016 is to ensure that real property assessments reflect current market values. By updating these valuations, the ordinance aims to:
- Provide fair and just taxation for property owners.
- Enhance local government revenue for better public services.
- Comply with national policies on property assessment and taxation.
- Establish a systematic and transparent property valuation process.
Key Provisions of Ordinance SP-2556, S-2016
- Updated Fair Market Values (FMVs):
- The ordinance provides a revised schedule of FMVs for all lands, buildings, and other structures in Quezon City.
- FMVs are categorized based on property type, location, and zoning regulations.
- Basic Unit Construction Cost:
- New construction cost guidelines are established for buildings and structures.
- Construction costs are determined based on materials, design, and structural integrity.
- Compliance with National Regulations:
- The ordinance ensures that the revised property values align with the mandates of the Local Government Code of 1991.
- Property owners and stakeholders are given adequate notice and opportunities for consultation.
- Implementation and Adjustments:
- The Quezon City government is responsible for executing the revised property assessments.
- Adjustments and periodic reviews will be conducted to keep valuations up to date.
Expected Impact of the Ordinance
- Increased Local Revenue: The updated property values will enhance the city’s revenue collection, enabling better funding for public services.
- Fair and Equitable Taxation: Property assessments will be more reflective of actual market conditions, ensuring fairness for all property owners.
- Transparency and Efficiency: A standardized valuation system improves transparency and efficiency in tax collection.
- Economic Development: Updated property valuations can encourage investment and development in Quezon City by ensuring accurate property assessments.
Conclusion
Ordinance SP-2556, S-2016 is a vital legislation that updates real property assessments in Quezon City in compliance with national laws. By revising fair market values and construction costs, the ordinance promotes fairness, efficiency, and increased revenue generation for the city. Led by Councilor Allan S. Reyes and other city officials, this ordinance plays a crucial role in ensuring a balanced and just property tax system, ultimately benefiting both property owners and the local government.
For more details, visit:
Quezon City Council Website
allanreyes.ph
