The city will adopt a new schedule of fair market values for residential and industrial lands and all classifications of buildings in San Carlos City by 2025.
The Sangguniang Panlungsod (SP) headed by Vice Mayor Christopher Paul Carmona held a public hearing on the new schedule of fair market values for the 2023 general revision, Nov. 21, at the SP Session Hall.
SP Chairman on the Committee on Finance, Budget & Appropriation Mark Cui introduced the proposed general revision while City Assessor James Silva explained the changes.
Silva said the new schedule of values will depend on the location and classification of properties of residential lands while no changes for commercial and agricultural lands will be made; assured that the new schedule will be too little and won’t be a burden for the taxpayers.
Silva added they based the values on the sales transactions from 2019-2022 for the general revision and that the City Assessor's Office will send a notice of assessment to taxpayers before the implementation.
He also urged the public for a timely payment of taxes since half goes to the Special Education Fund (SEF), which is used for any improvements of schools in the city.
The last general revision for residential was made in 2014.
As of Oct. 31, 2023, San Carlos City has an estimated P180 Million revenue collection on real property taxes compared to the P145 Million last year. The strengthened tax mapping of the City Assessor’s Office played a vital role in the increase. (PR)