Tuesday, August 28, 2012

Section 201 of RA 7160

PROPERTY SEC. 201. Appraisal of Real Property. - All real property, whether taxable or exempt, shall be appraised at the current and fair market value prevailing in the locality where the property is situated. The Department of Finance shall promulgate the necessary rules and regulations for the classification, appraisal, and assessment of real property pursuant to the provisions of this Code.
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5 comments:

  1. UnknownAugust 28, 2012 at 11:30 PM

    This would mean that properties are to be appraised and assessed based on the Schedule of Market Value approved by the local Sanggunian. In the event that a property whose valuation is not among those listed, that property is to be valued for taxation purposes based on the nearest lot or subdivision with an established value as provided for in the Schedule of market Value

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