After numerous public hearing and consultations, the Sangguniang Panlungsod of Paranaque has won the fight for a much lower rate of increase compared to what was originally submitted by the City Assessor.
In order to comply to a Joint Memorandum Circular by the Dept. of the Interior and Local Government (DILG) and Department of Finance (DOF) No. 2010-01 dated October 20, 2010, the Office of the City Assessor presented to the Sangguniang Panlungsod for consideration and enactment into an ordinance a proposed Schedule of Market Values.
The said joint memorandum circular ordered all provincial and local government units all over the country to prepare a schedule of market values (SMVs) of real property and to conduct the general revision of property assessments in their respective jurisdictions.
While the Sanggunian members admitted the thoroughness of the work of the City Assessor, they felt a need to adjust to a much lower value that which was originally submitted.
The ordinance authors also proposed that the revision cover only lots and that the schedule of market value for buildings and improvements should apply only to new structures becoming initially taxable in the Year 2012.
This means that a status quo in value is maintained for all buildings and improvements already erected.
To further lessen the burden on taxpayers and to adjust to the times, the proponents also incorporated a reduction of not to exceed 50% of the base value per square meter for frequently flooded areas.
While the Local Government Code (LGC) mandates a revision of Schedule of Market Values every three (3) years, this will be the first time that the City of Paranaque will adjust their Schedule of Market Values in 15 years.