Marcos signs Real Property Valuation and Assessment Reform Act

Manila Bulletin

President Marcos has signed into law the Real Property Valuation and Assessment Reform Act (RPVARA) which improves the country's outdated valuation system.  The new law—Republic Act No. 12001— was one of the two measures Marcos signed on Thursday, June 13  READ: https://mb.com.ph/2024/6/13/marcos-signs-real-property-valuation-and-assessment-reform-act  Subscribe to the Manila Bulletin Online channel! - https://www.youtube.com/TheManilaBulletin  Visit our website at http://mb.com.ph Facebook: https://www.facebook.com/manilabulletin  Twitter: https://www.twitter.com/manila_bulletin Instagram: https://instagram.com/manilabulletin Tiktok: https://www.tiktok.com/@manilabulletin  #ManilaBulletinOnline #ManilaBulletin #LatestNews

Transcript

00:00 We shall now proceed with the President's signing into law of the Real Property Valuation

00:05 and Assessment Reform Act.

00:07 The harmonized version of Senate Bill No. 2386 and House Bill No. 6558 shall now be

00:15 known as Republic Act No. 12001, entitled, "An Act Instituting Reforms in Real Property

00:23 Valuation and Assessment in the Philippines, Reorganizing the Bureau of Local Government

00:28 Finance, Granting of Tax Amnesty on Real Property, and Special Levy on Real Property

00:35 and Appropriating Ponds, Therefore."

00:38 The law implements uniform valuation standards for real property assets to promote transparency,

00:45 greater efficiency and accuracy, reduce discrepancies, and enhance investor confidence.

00:51 Real property tax includes special education pond, idle land tax, and other special levy

00:56 taxes which can all be imposed by a local government unit under the Local Government

01:02 Code.

01:05 Thank you, Mr. President.

01:07 [Applause.]

01:15 [End of Audio]

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