City hopes to implement RPT hike in 2015-A A +A
Friday, August 15, 2014
THE Iloilo City Government is hoping to implement the proposed new schedule of zonal valuation on real properties on January 1, 2015 in the city.
The City Government had not implemented the new market values on real properties since 2006 and will only implement the new assessment levels after nine years in consonance with a memorandum circular from the Department of Finance calling for a new zonal valuation on real properties every three years.
The City Council committee on ways and means conducted a public hearing from August 14 to 15 at the new City Hall where the City Assessor’s Office showed the new assessment level with 50 percentage increase to 18 percent on residential properties from 7.5 percent to 11.25 percent in 2015. However, a house worth below P175,000 is exempted from the taxi increase.
According to the new assessment level, commercial and industrial properties will post from 13 percent to 23 percent increase while for properties worth from P300,000 to P10 million will post from 65 percent to 80 percent in 2015.
Agricultural land will have 20 percent increase from 15 to 18 percent for land worth P300,000 and 50 percent increase for land worth more than P2 million.
Machineries will have a 33.33-percent increase from 60 to 80 percent in commercial, 60 to 80 percent in industrial and 30 to 40 percent in agricultural machineries.
RPT increase reactions
During the public hearing, Mayor Jed Patrick Mabilog assured local businessmen, houses and land owners, and barangay officials to return the collected taxes.
Mabilog said the taxes will be spent to construct development projects in the villages and private subdivisions, including hospitalization, education, and other services.
Imperial Homes V owner Ben Abelarde said the RPT will help their subdivision in terms of streetlights and drainage system.
Rhodora Herrera, a member of the Iloilo City School Board, said the special education fund comes from the city taxes and the amount is used to construct new schools and to repair existing schools.
The people including the businessmen must pay the real property taxes diligently to sustain the school projects and help the community, she added.
Local businessmen, on the other hand, said they wanted a .25 percent hike due to tight economic situation.