City treasurer Emma Macuto, in an interview with The FREEMAN, yesterday said the city council would discuss the Schedule of Fair Market Values of all Real Properties before enacting an ordinance.
Macuto said the city assessor would start conducting a general revision of real property valuations next year. The new schedule would then be enforced in 2007 yet.
In 2004, Talisay City exceeded its collection, which was set by the Bureau of Local Government Finance, with an efficiency rate of 122.55 percent. This year, the city is targeting P31 million.
"Definitely it will bring in additional income for the city but it would also mean additional burden for residents, Macuto said. But she explained that the taxes collected would mean better delivery of basic services.
In an 81-page report submitted to the city council, city assessor Ma. Alma Abellanosa explained that the schedule of values, which her office is presently using, is the schedule for the year 1995 yet.
The Provincial Assessor prepared a new schedule of fair market values in 1999, but according to Abellanosa, the new schedule was not approved because it came when Talisay became a city. Talisay's conversion into a city came with a moratorium on tax increases for five years.
"Considering the lapse of 10 years within which we should have a new revised values pursuant to law, and considering that prices of real estate have greatly increased, there is a compelling need to conduct a general revision of assessment of all real properties to upgrade property valuation," Abellanosa said. - Garry B. Lao