Assessor: Purchase of Ker lot beneficial to city-A A +A
Wednesday, February 12, 2014
ILOILO City Assessor Nelson Parreño, who was recently awarded as the most outstanding city assessor of the country, branded the proposed purchase of a lot adjoining the Iloilo City Hall as beneficial to the city.
Parreño said the planned purchase of a 3,063-square-meter lot owned by British firm Ker and Co. at P35 million is a good buy, considering the cost and market value of the lot located in a prime area.
The City Assessor Office has appraised the lot at P11,000 per square meter based on the 2006 appraised value, which the lot in question would cost at P36.35 million. But the Department of Finance has mandated the general revision of real properties for purposes of taxation in every three years.
However, the City Government did not pushed through with the revision in 2009 due to destruction caused by Typhoon Frank. The City Assessor’s Office is set to implement the general revision of appraised value of real properties starting 2015 upon approval of the City Council.
The proposed revision of the lot’s appraised value would then P15,000 per square meter or about P45.9 million, as the revised market value of lots along JM Basa to Muelle Loney is P15,000 per square meter.
Parreño said it is highly beneficial to the City Government to buy the lot now with installment payment than wait for 2015 with a new revised appraised value.
Last week, Ker and Co. president Virgilio Cruz and Iloilo manager Roger Aguilar paid a visit to Mayor Jed Patrick Mabilog to offer the lot and discuss the terms and conditions of the purchase. Ker and Co. lowered the lot price from P50 million to P35 million.
Mabilog said he is intended to put up an Executive House, city gallery and a parking lot at the Ker lot. However, the heritage design of the existing building, used to be a trading office, will remain, as the building is already more than 75 years old. (LCP)