- November 19, 2018
Ordinance SP-2778, S-2018 plays a crucial role in providing financial relief to property owners in Quezon City. This ordinance temporarily suspends the collection of real property taxes based on Ordinance No. SP-2556, S-2016. The suspension aims to address concerns regarding the revised schedule of fair market values for lands, buildings, and other structures. As a result, property owners benefited from a tax reprieve during the years 2018 and 2019.
Objective of the Ordinance
The primary goal of Ordinance SP-2778, S-2018 is to ease the financial burden on taxpayers in Quezon City by halting the implementation of increased real property tax rates. This move ensures economic stability while allowing property owners to adjust to the impending changes in property assessments.
Specifically, the ordinance seeks to:
- Suspend the collection of real property taxes based on the revised fair market values stipulated in Ordinance No. SP-2556, S-2016.
- Provide temporary relief to residential, commercial, and industrial property owners.
- Allow local government units and stakeholders to review the long-term impact of the revised tax schedule before full implementation.
Key Provisions of Ordinance SP-2778, S-2018
- Suspension of Tax Collection
- The ordinance temporarily halts the collection of real property taxes that would have increased due to the revised fair market values set in 2016.
- The suspension applies specifically to the tax years 2018 and 2019.
- Applicability
- Covers all taxable real properties in Quezon City, including residential, commercial, and industrial lands and structures.
- Legislative Basis
- The ordinance is aligned with the provisions of the Local Government Code of 1991 (R.A. No. 7160), ensuring that tax measures are implemented equitably and with due consideration to economic conditions.
- Implementation and Oversight
- The Quezon City government, under the leadership of key officials, including Councilor Allan S. Reyes, ensures compliance and proper execution of the ordinance’s provisions.
Expected Impact of the Ordinance
- Financial Relief for Property Owners By suspending the tax increase, property owners—especially small business owners and homeowners—were protected from abrupt financial strain, allowing them to allocate resources for other essential needs.
- Economic Stability with the tax suspension in place, the economic landscape of Quezon City remained stable, preventing potential negative repercussions such as increased rental costs and reduced investments in real estate.
- Encouragement of Further Tax Reforms The ordinance set a precedent for the responsible implementation of tax reforms, ensuring that adjustments in fair market values are introduced with proper stakeholder consultation and economic assessments.
Conclusion
Ordinance SP-2778, S-2018 was a strategic legislative move aimed at protecting taxpayers from sudden financial burdens while ensuring the sustainability of local revenue generation. By temporarily suspending the collection of real property taxes, the Quezon City government provided much-needed relief to property owners while paving the way for more inclusive and balanced tax policies. As Quezon City continues to develop, ordinances like these demonstrate the government’s commitment to fostering economic stability and fair taxation policies.
For more details, visit:
Quezon City Council Website
allanreyes.ph
