7% hike on real estate tax planned

BACOLOD CITY, Philippines  — The Negros Occidental Provincial Board has scheduled next week a public hearing on the proposed seven-percent increase on the real property tax in 19 towns of the province.

Provincial Assessor Gary Pinongan Jr. said the proposed ordinance is intended for “updating the schedule of current and fair market value of real properties for the municipalities of the province of Negros Occidental and other provisions relative to real property tax administration.”

He said landowners and stakeholders are expected to attend the public hearing on Wednesday, after similar consultations were recently conducted in the affected towns, which also got endorsements from their respective Municipal Council.

“This is a win-win for the landowner, developer and buyer,” said Pinongan, explaining that the planned increase is only minimal. He added that the proposed hike is only for the urban (commercial, residential and industrial, not agricultural, lands of the 19 towns.

Pinongan said the proposed tax increase is in preparation for the ASEAN Free Trade Agreement next year, when zero tariff on imported sugar will be implemented.

PB Member Salvador Escalante Jr., according to Pinongan, said he is expecting the PB will approve the ordinance in December and that the increase will be implemented in January 2015.

Pinongan said the last increase was in 2011. “There’s a land tax increase every three years. We’re up to date,” he added. (FREEMAN)