MANDAUE City Treasurer Regal Oliva urged the City Council to pass a measure raising the market value of real properties in the city to help his office get the P1.89-billion target revenue this year.
Oliva said the current market value of real properties has not changed since 1973.
In a press conference last Thursday, he said the market value of some properties needs to be increased by up to 10,000 percent.
“We hope the City Council could create more revenue-generating measures this year. One of our suggestions is to increase the market value of real properties,” Oliva said.
Some prime lots, he said, are still valued cheaply.
In Sto. Ñino Village, lots are priced at P200 per square meter based on the 1973 rate, he said.
“If the market value is higher, the taxes the City will get will also be higher,” he said.
Oliva also urged the City Council to increase the city’s business tax rate, saying the rate has not changed since 1991.
Increasing the city’s tax rate will not discourage investors, he said.
“We can increase it in a way that it’s still lower than those of other cities.”
The City has set up a business one-stop shop at the City Sports and Cultural Complex for the annual renewal of business permit this year.
Business owners have until Jan. 20 to renew their permits.
Oliva said he has sent final demand letters to 5,000 businesses operating without permits or under expired license.
The City Government will operate this year on a P1.89-billion budget, which is nine percent higher than last year.
The bulk of the 2014 budget will go to general services at P1.63 billion.
Last year, the City operated on a P1.73-billion budget.