House Bill No. 4664 is the package three of the CTRP which aims to introduce vital reforms to promote the development of a just, equitable, and efficient real property valuation system. The reforms are also expected to foster private investors’ confidence, and build the public’s trust in the valuations of government.
The House of Representatives (HoR) approved on third and final reading House Bill No. 4664 or The Real Property Valuation and Assessment Reform Act of 2013. The bill was introduced by Albay Rep. Joey Salceda, who seeks to strengthen the Bureau of Local Government Finance through institutionalized reforms and developed valuation standards, regulations and specifications for real property appraisal.
On its third reading, 224 voted affirmative, seven are negative, and one voted in abstention. If signed into law, the bill will promote fiscal autonomy of local governments in providing basic services, establish and maintain valuation standards, adopt market value and provide a more systematic and updated electronic database of all real property transactions among others.
President Rodrigo Duterte mentioned in his State of the Nation Address (SONA) that the Real Property Valuation and Assessment Reform Act is one of the priority bills in 2019.
Under the Comprehensive Tax Reform Program (CTRP) are four packages which further explains the benefits of the program. The first package is Republic Act No. 10963 or Tax Reform for Acceleration and Inclusion (TRAIN) Law which seeks to correct the number of deficiencies in the tax system to make it simpler, fairer and more efficient. It was passed into law on December 2017.
Package two contains the proposed Corporate Income Tax and Incentives Rationalization Act (CITIRA) which aims to lower the corporate income tax (CIT) rate gradually from 30% to 20%.
House Bill No. 4664 is the package three of the CTRP which aims to introduce vital reforms to promote the development of a just, equitable, and efficient real property valuation system. The reforms are also expected to foster private investors’ confidence, and build the public’s trust in the valuations of government.
Senators Ping Lacson, Migz Zubiri, and Bong Revilla filed counterpart bills on the Real Property Valuation and Assessment Reform Act. However, a consolidated bill on the said act has not yet been filed in the Upper House.
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