Increase in real property tax a sign of growth – Filinvest

The move of the Davao City government to increase real property tax is a sign of growth as it signals that real properties here have more value.

Filinvest vice president for Visayas and Mindanao Tristan Las Marias said the move will also do good to property developer like them.

“It is a sign of growth and we should all embrace it,” he said.

He said they welcome the move because it will bring them to new direction even as he said once the new schedule gets implemented they will readily pay the tax due them.

Councilor Bonifacio Militar was the proponent of the resolution adjusting the market value of real properties.

In an earlier report, Militar said now is the opportune time to increase the marketability of real properties as the city has significantly developed due to the influx of investments and business.

The proposal indicated that the preparation of schedule of market values will be done in 2008 with effectivity on 2009.

Among others, the resolution indicated that new buildings to be constructed in the city shall be appraised and assessed on its actual cost.

The increase in market value per square meter Militar said is the reduction of assessment levels so that the increase in tax dues will be reasonable.

He said with the reduction of assessment levels, the increase in tax dues will only range from one to three percent of the existing taxes being paid by property owners.