Tuesday, December 11, 2007 Filinvest welcomes hike in real property taxes By Joy Romares-Sevilla
AN OFFICER of the Filinvest Land Inc., which recently bared its newest investment in Davao City worth P1.5 billion, accepts the idea that real property taxes was already set to increase in 2009.
Tristan Las Marias, Filinvest vice president for Visayas and Mindanao projects, said last week that the adjustment in the market value of real properties in Davao City, which was passed at the City Council under the third and final reading on Thursday, is a good sign for real estate people.
"It is a good sign of growth, it is a sign that real estate people is gearing towards a good direction and we are abiding it if it gets implemented," Las Marias said.
Las Marias added that he already talked with Councilor Bonifacio Militar about the matter. Militar was the proponent of the resolution.
Militar, on the other hand, said this is the opportune time to increase the marketability of real properties as the city has significantly developed due to the influx of investments and business.
The proposal states that the preparation of schedule of market values will be made in 2008 and will take effect in 2009.
Based on the resolution, new buildings to be constructed in the city "shall be appraised and assessed on its actual cost."
Militar said the increase of market value per square meter is the reduction of assessment levels so that the increase in tax dues will be reasonable.
With the reduction of assessment levels, the increase in tax dues will only range from one to three percent of the existing taxes being paid by the property owners. (With reports from GLP)
