Oliver 25 0 0 4 min to read

Cebu City supports development through tax reform measures

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An official stated on Tuesday that the city government is convinced that its long-term investment plans and efforts to update the 20-year-old real property tax ordinance will result in additional development comparable to that of Singapore.

Vice Mayor Raymond Alvin Garcia stated that the city’s residents must band together to support the initiatives designed to address flooding by tearing down buildings along the rivers, beautifying the historic Carbon Public Market, and removing illegally-erected structures that impede traffic in order for Mayor Michael Rama’s vision to change the city’s development landscape.

Garcia claimed that the PHP50 billion annual budget that will support the aforementioned development plans has not yet been approved by the City Council.

He added that the city’s revenue could rise by up to PHP 500 million as a result of the Supreme Court’s Mandanas decision.

He mentioned that the proposed budget for the upcoming year had undergone a number of discussions in a bicameral conference between some council members and officials from Mayor Rama’s office.

“We have decided that the budget for 2023 will surely be approved this year. A reenacted budget is not what we want, the vice mayor declared.

According to him, the real estate worth will rise in line with the proposed revision to the city code imposing taxes on real estate. Additionally, it will benefit real estate owners in addition to increasing the revenues used to finance regional activities.

In order for the city government to base its percentage tax on the assessment of real property, the Local Government Code mandates that an LGU (local government unit) must update its real property values every three years. Our most recent change, nevertheless, wasn’t made until 2006; it was last made in 2003. Try to picture that; our real property tax measure was passed 20 years ago; it is therefore incredibly out of date,” he remarked.

Garcia claims that the present valuation, which is based on the real estate at the South Road Properties that are currently controlled by powerful businesspeople, is a pitiful PHP1,250.

He pledged that the real property tax increase will be equitable to the owners of land and structures rather than onerous and confiscatory.

“We have talked about how the 2019 Coronavirus Disease (Covid-19) Pandemic has affected us and how we are still healing. As a result, we won’t implement (the tax measure) all at once. As recommended by the Cebu Chamber of Commerce and Industry, a few commercial organizations, and real estate owners, we will apply it gradually, Garcia added.

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