Marcos inks Real Property Valuation and Assessment Reform Act

President Ferdinand ''Bongbong'' Marcos Jr. on Thursday signed the Real Property Valuation and Assessment Reform Act (RPVARA) to ensure uniform valuation in real property assets.

''The law is in line with our Eight-Point Socioeconomic Agenda, wherein we put primacy on the pursuit of bureaucratic efficiency that is driven by transparency, digitalization, and the practice of innovative work processes in the civil service,'' Marcos said.

''This new law is borne out of the necessity and the realization that there is a need to enhance the country’s tax collection system so we can generate revenues, generate jobs, [and] invest all over the country,'' he added.

Marcos said the law complements the efforts to modernize the services in the local government units through the creation of a Real Property Information System — a comprehensive digitalized real property tax administration.

''With these systems in place, another crucial pillar of efficient tax collection is responsible taxpayers. Thus, 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,'' he said.

According to the Bureau of Local Government Finance, the law aims to promote the development of a just, equitable, and efficient real property valuation system which is aligned with international standards.

The new law also seeks to address systemic problems, including the multiple valuations in this country.

The rampant disparity arises from overregulation and overlapping policies and jurisdiction resulting to weaker control and inconsistency in valuations.

The bureau said that by improving the quality of valuation of local governments and making the revisions frequent, efficient, transparent, reliable, and attuned to market developments, the new law will have a favorable impact on revenue generation and resource mobilization of local governments.

This will later respond to their funding requirements for their service delivery. --VAL/VBL, GMA Integrated News