LGUs urged to update schedule of real property market values

MANILA, Philippines -  Provincial and local government units across the country are abuzz with researches, studies and initiatives for updating their schedule of market values (SMV) of real property, revision of property assessments and imposition of ad valorem taxes on idle lands.

The move is in compliance with the Department of the Interior and Local Government and Department of Finance Joint Memorandum Circulars Numbers 2010-01 and 02, both dated Oct. 20, 2010.

The former (2010-01) enjoins all provinces, cities and municipalities nationwide to prepare (update) the SMVs of real property and conduct the general revision of property assessments in their respective areas of responsibility.

The latter (2020-02) invokes Section 236 of R.A. No. 7160, otherwise known as the Local Government Code of 1991 that provides “Additional Ad Valorem Tax on idle lands at the rate not exceeding five percent of the assessed value of the property which shall be in addition to the basic property tax” and enjoins provincial governors, city and municipal mayors, provincial, city and municipal treasurers and assessors to observe the proper implementation of the said provision in their respective jurisdictions.

Also, through said joint memorandum circulars, all DILG and DOF–BLGF regional directors are directed to ensure the compliance of government units.