Baguio will modernize its buildings’ 27-year-old tax base.
The potential of changing the tax rate for buildings is being considered by the local administration.
According to Ordinance No. 101, series of 1995, the city government still uses a schedule of fair market values for structures that were created 27 years ago, according to Almaya Addawe, the head assessor of the city.
She stated that even though they are thinking about raising the market prices of every building in the city, her office is currently reassessing buildings in every barangay to get an exact estimate.
According to Addawe, Baguio is one of the 112 out of 144 cities in the nation that still uses highly outdated schedules of market values and must be revised. This is according to the Department of the Interior and Local Government.
Building owners can anticipate an increase in their tax obligations given the potential for changing the tax rate. She continued by saying that tax rates for buildings are generally greater than tax rates for lands.
“Building tax rates are talagang mataas” (the tax rates for buildings are higher). For instance, people may pay as much as PHP9,000 to PHP11,000 annually for a two-story residential house but only PHP900 for the property, she said.
The city administration will completely enact the increase in real property taxes in 2021. Ordinance 16-2020, which was passed, updated the fair market value of lands in the city.
According to Ordinance 16-2020, the assessment level is set at 2% for residential and agricultural property and at 7% for commercial, industrial, mining, and special classes of lands.
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