Tuesday, August 28, 2012

Section 198 of RA 7160

SEC. 198. Fundamental Principles. - The appraisal, assessment, levy and collection of real property tax shall be guided by the following fundamental principles: (a) Real property shall be appraised at its current and fair market value; (b) Real property shall be classified for assessment purposes on the basis of its actual use; (c) Real property shall be assessed on the basis of a uniform classification within each local government unit; (d) The appraisal, assessment, levy and collection of real property tax shall not be let to any private person; and (e) The appraisal and assessment of real property shall be equitable.

1 comment:

  1. These are self-explanatory and unless of course there are phrases and words to be clarified, please put it in writing.

    ReplyDelete