FEF backs changes to property valuation system
The Foundation for Economic Freedom (FEF) reaffirmed its support for the proposed reform in the valuation and assessment of real property that remains pending at the Senate even after years of efforts to have such a law passed.
The FEF said in a statement that the proposed reform will widen the tax base for property taxes, which should bring in additional revenues for both the national and local governments without imposing new or additional taxes.
The think tank noted that the current Real Property Valuation and Assessment Reform bill mandates the adoption of a uniform valuation standard based on international valuation practices and the establishment of a single valuation base for taxation and for other purposes, and of a comprehensive database to support real property valuation functions.
The proposed law also provides for the centralization of the approval of the schedule of market values; and the strengthening of the valuation functions of the Bureau of Local Government Finance, an agency attached to the Department of Finance. INQ
