SP approves 2015 General Revision of Base Market Values of Aklan Real Properties

Posted June 27, 2014

Written by Gloria Villas

Sangguniang Panlalawigan (SP) Aklan has approved the schedule of New Base Market Values of Real Properties for the 17 municipalities effective in January 2015.

SP’s approval includes special base market valuation of real properties in the resort island of Boracay, and Metro Kalibo.

After a series of committee and public hearings during the last four months, the SP during its 20th Regular Session, enacted Tax Ordinance No. 001, S., 2014 titled, “An Ordinance Fixing The Schedule Of New Base Market Values Of Real Properties for the 17 municipalities of Aklan for the 2015 General Revision allowed by law to include Special Base Market Valuation in Boracay Island and Metro Kalibo.

What was adopted and approved by the SP were actually the revised schedules from the original proposal of the Provincial Assessor’s Office where the levels of assessments were reduced to heed the demand of real property tax owners aired during the public hearings in Kalibo and Boracay Island.

In the revised schedules embodied in the General Revision Ordinance to be effective starting 2015, the SP had fixed the assessment level at 14% lower than the 15% originally proposed by the Provincial Assessor for all residential real properties.

The assessment level for all industrial properties is fixed at 33%, lower than 50% originally proposed by the Provincial Assessor.

Revised assessment level fixed for commercial properties is fixed at 33%, lower than the 50% originally proposed.

Assessment level for properties classified as agricultural is fixed at 34%, lower than the 40% that was originally proposed.

First turn explained by the Provincial Assessor Kokoy Soguilon stated “that in Section 219 of the Local Government Code based on Republic Act No. 7160; all local government should have a General Tax Revision of Real Properties every three years.”