Senate OKs Real Property Valuation and Assessment Reform Act

 

MANILA, Philippines — Another priority legislation has hurdled the Senate plenary; this time, it’s  Senate Bill No. 2386, otherwise known as the Real Property Valuation and Assessment Reform Act (RPVARA).

SBN 2386 was approved on third and final reading with 23 affirmative, zero negative votes, and zero abstentions during the Senate’s Monday plenary session.

Following the approval of the measure, Senator Sherwin Gatchalian, sponsor of the measure, said the bill would “provide a respite for taxpayers of real property tax” should it be enacted into law.

“Waiving the payment of interests, penalties, and surcharges on unpaid or delinquent real property taxes through the amnesty component of RPVARA would encourage tax compliance later on and significantly enhance the government’s revenue-collection efforts,” said Gatchalian in his manifestation.

“Through RPVARA, the country will have uniform valuation standards for real property assets, promoting transparency and enhancing confidence among investors,” he added.

According to Gatchalian, the proposed legislation, once enacted into law, would hasten the automation of services provided by local government units.

“[This, in turn,] would enhance the efficiency of tax collection and improve the delivery of services. This includes creating [a] Real Property Information System which will maintain an up-to-date electronic database of the sale, exchange, lease, mortgage, donation, transfer, and all other real property transactions and declaration in the country,” he emphasized.