Old property values cost LGUs P30Bhome/Business/Top Business/Old property values cost LGUs P30BMORE than P30 billion in potential annual local government revenues are being lost due to obsolete real property values, according to the Department of Finance (DoF), which seeks to change this. Provinces, he added, could have gotten as much as P7.379 billion more if their schedule of market values (SMVs) were updated and in sync with international standards. According to Tan, only 36 percent of local governments have updated SMVs. The P23 billion in real property taxes that cities fail to collect could have built either 513 transport terminals, 339 landfills, 1,154 satellite health centers, or 3,330 low-cost resettlement projects, he added. Valuation reformsBecause of this, the department stressed the need for valuation reforms in the real property sector.

Source: Manila Times June 03, 2019 16:27 UTC