ORDINANCE NO. 501

DOF LOCAL ASSESSMENT REGULATION 1-92

By authority of Section 201 of the Local Government Code, the Department of Finance issued Local Assessment Regulation No. 1-92 governing the conduct of general revision of real property assessments pursuant to Section 201 and 219 of R.A. 7160.

Section 201. Appraisal of Real Property – All real property, whether taxable or exempt, shall be appraised at the current and fair market value prevailing in the locality where the property is situated. The Department of Finance shall promulgate the necessary rules and regulations for classification, appraisal and assessment of real property pursuant to the provisions of this code. (Art. 292, IRR)

Fair Market Value – is the price at which a property may be sold by a seller who is not compelled to sell and bought by the buyer who is not compelled to buy.

Section 219. General Revisions of Assessment and Property Classification. - The provincial, city or municipal assessor shall undertake a general revision of real property assessments within (2) years and after the effectivity of this Code and every three (3) years thereafter. (Art. 310, IRR)

Therefore: - A general revision of real property assessment is required by law every (3) years to make sure and in order that real properties are assessed at their current and fair market values.

Section 218. Assessment Levels. - The assessment levels to be applied to the fair market value of real property to determine its assessed value shall be fixed by ordinances of sangguniang panlalawigan, sangguniang panlungsod or sangguniang bayan of municipality within the Metropolitan Manila Area, at the rates not exceeding the following:

On Land:

CLASS ASSESSMENT LEVELS

Residential 20%Agricultural 40%Commercial 50%Industrial 50%Mineral 50%Timberland 20%

ORDINANCE NO. 501

AN ORDINANCE AMENDING SECTION 2A. 21 (a) (1) OF ORDINANCE NO. 397 OTHERWISE KNOWN AS REVENUE CODE OF PUERTO PRINCESA CITY OF 2008.

Section 1. Section 2A. 21. (a) (1) of Ordinance 397 is hereby amended to read as follows:

Section 2A. 2. 1. Assessment levels(a) The assessment levels to be applied to the fair market value of real property to determine its assessed value shall be as follows:

(1) On Lands

Class Assessment LevelsResidential 20%Agriculture 15%Commercial 40%Industrial 40%Mineral 20%Timberland 20%

Section 2. Applicable Fair Market Values – The schedule of fair market values as provided under Ordinance no. 56, herein appended as Annex A and made part and parcel of this Ordinance is hereby adopted for purposes of implementation of this Ordinance.

COMPARATIVE ASSESSMENT LEVELS

On Land: CLASS LGC ORD. 56 ORD. 397 ORD. 501 % OF INCREASE ( A. L. ) (A. L.) (A.L.) (A.L.) (A.L.)

Residential 20% 10% 10% 20% 100Agricultural 40% 10% 10% 15% 50Commercial 50% 16.5% 20% 40% 100Industrial 50% 16.5% 20% 40% 100Mineral 50% 20% 20% 20% 0 Timberland 20% 15% 20% 20% 0