Bill Type
Congress Name
Full Title of Bill
AN ACT INSTITUTING REFORMS IN REAL PROPERTY VALUATION AND ASSESSMENT IN THE PHILIPPINES, REORGANIZING THE BUREAU OF LOCAL GOVERNMENT FINANCE, AND APPROPRIATING FUNDS THEREFOR
Text as filed (link)
Date filed
June 30, 2022
Date Read
July 26, 2022
Bill Status
Substituted by HB06558
Mother Bill Status
Approved by the House on 2022-12-12, transmitted to the Senate on 2022-12-14 and received by the Senate on 2022-12-14
Committee Details
Primary Committee
Legislative History
| House Bill/Resolution NO. HB00197 |
| FULL TITLE : AN ACT INSTITUTING REFORMS IN REAL PROPERTY VALUATION AND ASSESSMENT IN THE PHILIPPINES, REORGANIZING THE BUREAU OF LOCAL GOVERNMENT FINANCE, AND APPROPRIATING FUNDS THEREFOR |
| ABSTRACT : Aims to address the following systemic problems in real property valuation and assessment: rampant outdated valuations; cost overruns and foregone revenues due to low valuations used; multiple, overlapping valuations – no single agency responsible for ensuring that valuations are completed in accordance with international standards; and absence of a comprehensive real property electronic database.Seeks to adopt a market-based Schedule of Market Values (SMV) to be used as a basis for local and national real property taxation which will widen the tax base used for property and property-related taxes. |
| PRINCIPAL AUTHOR/S : ROMUALDO, JURDIN JESUS M. |
| DATE FILED : 2022-06-30 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS (Journal Entries) : |
| 1. Gomez (000 2022-08-18) |
| ACTIONS TAKEN BY THE COMMITTEE |
| MOTHER BILL: HB06558 |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON GOVERNMENT REORGANIZATION ON 2022-07-26 |
Abstract
ABSTRACT : Aims to address the following systemic problems in real property valuation and assessment: rampant outdated valuations; cost overruns and foregone revenues due to low valuations used; multiple, overlapping valuations – no single agency responsible for ensuring that valuations are completed in accordance with international standards; and absence of a comprehensive real property electronic database.Seeks to adopt a market-based Schedule of Market Values (SMV) to be used as a basis for local and national real property taxation which will widen the tax base used for property and property-related taxes.
Significance