Thursday, August 30, 2012
Section 212 of RA 7160
SEC. 212. Preparation of Schedule of Fair Market Values. - Before any general revision of property assessment is made pursuant to the provisions of this Title, there shall be prepared a schedule of fair market values by the provincial, city and the municipal assessors of the municipalities within the Metropolitan Manila Area for the different classes of real property situated in their respective local government units for enactment by ordinance of the sanggunian concerned. The schedule of fair market values shall be published in a newspaper of general circulation in the province, city or municipality concerned, or in the absence thereof, shall be posted in the provincial capitol, city or municipal hall and in two other conspicuous public places therein.
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On the basis of informations gathered by the Office of the Assessor, a Schedule of market Value is prepared. This will be transmitted to the City Mayor so that same will be submitted to the city or Provincial Council for the purpose of enacting same into law. Under the local government code, the power to approve is no longer with the Department of Finance, but with the local councils.
ReplyDeleteWhen is the effectivity of the approved Schedule. For example the City Council approved the Schedule on March 8, 2016?
DeleteWhen is the effectivity of the approved Schedule of Market Values?
ReplyDeleteupon approval into ordinance by the sangguniang panlunsod. and implemented through a general revision of assessment.
Delete