Hike in real properties by 30% approved-A A +A
Tuesday, August 26, 2014
THE Iloilo City Council approved Tuesday the proposed increase in the assessment levels of real properties to take effect starting January 1, 2015.
Councilor Plaridel Nava, chairman of the committee on Ways and Means, presented the committee report on the second and final readings that call for a 30 percent increase on residential, agricultural, commercial, industrial and mineral lands.
The assessment level for residential will increase from 7.50 percent in 2006 to 9.75 percent in 2015; 12 percent to 15.60 percent in agricultural; and 15 percent to 19.50 percent in commercial, industrial and mineral lands.
Nava admitted that Mayor Jed Patrick Mabilog was instrumental in slashing down the assessment levels for 2015 with a second proposal from 11.25 percent to 9.75 percent in residential, 18 percent down to 15.60 percent in agricultural, 22.50 percent to 19.50 percent in commercial, industrial and mineral lands.
He said the business sector relinquished its stand for a 1.25 real property tax percent increase at .25 percent spread in five years.
Fanny Uy, president of the Iloilo Multi-Sectoral Business Organization, and Ma. Lea Vctoria Lara, executive director of the Iloilo Business Club, have also accepted the final proposal.
The acceptance from the business sector has added weight to the early approval and support of the Liga ng mga Barangay, PTA organizations, subdivision homeowners and other concerned individuals for the real property tax hike.
Culled from the final proposal, the City Government is projected to gain an additional income of P67.14 million to the general fund or lower than the P81.99 million projected additional income in the first proposal.
Nava said the RPT increase is timely as investments are pouring into the city and business opportunities are prevalent.
He said that with the RPT increase, the City can sustain its agenda for tourism, conducive business climate, peace and order and sound urban planning, which are essential in attracting more investors to invest in Iloilo.