Marcos signs Real Property Valuation and Assessment Reform Act

Marcos signs Real Property Valuation and Assessment Reform Act

By: - Reporter / @JMangaluzINQ
/ 03:15 PM June 13, 2024

MANILA, Philippines — President Ferdinand Marcos Jr. on Thursday signed into law a measure that, among others, sets a two-year amnesty on interests, surcharges, and penalties for unpaid real property tax.

The Real Property Valuation and Assessment Reform Act (RPVARA) aims to standardize the valuation of real property in the country.

“At the heart of this new law, we have adopted a strategy that will instill and encourage long-term and consistent tax compliance by providing a two-year amnesty on interests and penalties for taxpayers with unpaid real property tax,” said Marcos.


The President signed the measure in Malacañan Palace in the presence of several lawmakers and Cabinet secretaries


READ: Senate OKs Real Property Valuation and Assessment Reform Act

“There is hereby granted a real property tax amnesty which shall cover penalties, surcharges, and interests from all unpaid real property taxes, including Special Education Fund, Idle Land Tax, and other special levy taxes prior to the effectivity of the RPVAR, once it is passed,” said the Bureau of Local Government Finance under the Department of Finance.

READ: The potential impact of the Real Property Valuation Act

When the measure hurdled the Senate in March, Senator Sherwin Gatchalian said the RPVARA would waive numerous fees.

“Waiving the payment of interests, penalties, and surcharges on unpaid or delinquent real property taxes through the amnesty component of RPVARA would encourage tax compliance later on and significantly enhance the government’s revenue-collection efforts,” Gatchalian said previously.

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TAGS: amnesty, property tax

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