Prov’l board done with 3rd public hearing on proposed FMV-A A +A
Wednesday, August 27, 2014
CITY OF SAN FERNANDO -- The Pampanga Provincial Board (PB) committee on ways and means concluded the third of five public hearings on the proposed ordinance on the revised schedule of fair market values (FMV) of properties in Pampanga.
The hearing held at the Benigno Aquino Hall was attended by municipal assessors, barangay officials, large property owners, realtors, owners and representatives from big business.
Committee on ways and means chair Rosve Henson said that there were no adverse reactions on the proposed ordinance.
"There were no adverse reactions considering that the scheduled market values are lower than the prevailing market values," Henson said, adding that those who attended were given copies of the scales and the proposed ordinance for them to give their comments.
Henson said that the PB has decreased the assessment rate to mitigate the increase in market values. Henson told Sun.Star Pampanga that the province has been conducting a series of meetings and consultations since late year in a bid to update its real property tax collection system and streamline Schedule of Market Values (SMVs) in various municipalities.
Local government units are required by law to revise their SMVs and conduct general revision of property assessments and classifications once every three years.
However, data from the Department of Finance show that Pampanga's property taxes are still based on a 1994 SMV. The last time the province conducted an assessment and classification was some 15 years ago. Pampanga is only second to Maguindanao which is late by 25 years.
Meanwhile, Engr. Romeo Dizon, provincial assessor, said the province’s RPT collections have already reached considerable figures, and could still be improved with the continuing efforts by local officials to automate transactions on real properties.
He said the provincial targets can only be achieved upon the full implementation of the iTax system in all municipalities in the province. The system is designed to eliminate lengthy manual processes with the use of software that provides all details about properties, tax liabilities, and encumbrances that affect ownership of a particular real property unit.
Meanwhile, Henson said that another public hearing is scheduled on September 3. Once approved, the ordinance will take effect in 2015.