THE House Ways and Means committee on Wednesday approved a substitute bill seeking to reform the real property valuation and assessment system.
“The committee on ways and means hereby approves the unnumbered substitute bill… otherwise known as instituting reforms in real property valuation and assessment,” Rep. Jose Ma. S. Salceda said at a briefing.
The substitute bill consolidates the 13 measures of the third tax reform package. If passed, it will be known as the Real Property Valuation and Assessment Reform Act.
Once enacted, Mr. Salceda said local government units are expected to increase their revenue by P30.5 billion in base-case estimates, with P23 billion going to cities and P7.4 billion to provinces.
“This results essentially in the RPT (real property tax) rising to P103 billion from the current P70 billion,” Mr. Salceda said.
According to House Bill 305, a previous version of the reforms filed by Mr. Salceda, the Bureau of Local Government Finance (BLGF) of the Department of Finance was tasked with managing the implementation of the measure, if passed. — Marc Wyxzel C. dela Paz