QC eyes P300M more in real property taxes with updated fair market values

The Araneta Center complex in Cubao is among the real estate landmarks in Quezon City. (INQUIRER FILE PHOTO)

MANILA — The Quezon City government is projected to collect at least P300 million more in real property taxes (RPT) when it implements an updated fair market value (FMV) as directed by the Commission on Audit (COA).

Sherry Gonzalvo, chief legal officer of the Office of the City Assessor, said about P5.9 billion in real property taxes was collected in 2015.

Councilor Allan Benedict Reyes, chair of the city council’s ways and means committee, said the additional amount could help fund more development projects for the thousands of senior citizens and persons with disabilities in Quezon City.

“This is one of the programs that would be addressed once we revise the fair market values of our lands and properties. We will also have more expansion projects, such as a new hospital in Batasan,” Reyes said in a statement on Sunday.

The COA recently ordered the Quezon City government to revise its outdated real property values that were last updated in 1995 or 21 years ago.

Mayor Herbert Bautista has asked the committee on ways and means to comply with the recommendation of the COA and the Department of Finance.

The committee has so far conducted 23 public hearings in different barangays (villages) to discuss the draft ordinance for the revised schedule, Reyes said.

He added that the city council recently approved to double the funding for the senior citizen and PWD sectors, allotting 1 percent of the annual budget exclusively for senior citizens and 1 percent for infrastructure projects for PWDs.  SFM