Friday, December 07, 2007 Real property taxes to increase in 2009 By Grace L. Plata
DABAWENYOS will be experiencing an increase in real property taxes as the City Council passed under 3rd and final reading the adjustment in the market value of real properties in Davao City in Thursday's session. This will take effect in 2009.
According to Councilor Bonifacio Militar, proponent of the ordinance fixing the schedule of fair market value of properties, with the increase of market value per square meter is the reduction of assessment levels so that the increase in tax dues will be reasonable.
Militar said tax dues are computed by multiplying the size of the lot per square meter with the market value and multiplying the result with the assessment level (sq. m. X mv = x X av = tax due).
With the reduction of assessment levels, the increase in tax dues will only range from 1-3 percent of the existing taxes being paid by the property owners.
Militar said this increase has been long overdue since the last adjustment of market value was way back in 1993.
"This is an opportune time to increase the marketability of real properties as Davao City has significantly developed due to the influx of investments and business," Militar said.
