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CREBA Backs Valuation Reform Act

CREBA is throwing its full weight behind the Property Valuation Reform Bill under House Bill 4664, in a bid to rationalize the formulation of the schedule of market values used in real property taxation by local government units.

Chamber Chairman Charlie A.V. Gorayeb said the long overdue legislation is expected to eliminate if not minimize arbitrariness, inaccuracies and inconsistencies in property valuation and tax assessments, which not only create severe distortions in the land markets but also result in inequitable taxation.

Gorayeb said that at any time, property owners have to contend with 2 differing “official” property valuations – the zonal value as determined by the Bureau of Internal Revenue (BIR), and the market value as determined by the local assessor – both of which do not accurately reflect the true value of real property.

CREBA President Noel “Toti” M. Carino, on the other hand, articulated the frustration long felt by property owners over the “incomprehensible” manner by which the BIR classifies or reclassifies lands. Most of the time, Carino said, the classification is entirely different from that arrived at by the LGUs under their comprehensive land use plans (CLUP) and zoning ordinances.

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