The Makati City government does not intend to raise real property tax rates this year.
Mayor Abby Binay gave this assurance on Tuesday after the Commission on Audit (COA) recommended the updating of the city’s schedule of fair market value (SFMV) to raise its tax revenue collection.
The COA earlier noted in its 2016 annual audit report that Makati has not revised its SFMV since 1997.
“The city government is dealing with the COA recommendation to adjust the fair market value of properties in a judicious manner,” said Michael Camiña, city spokesperson and legal department head.
“Such an important decision requires in-depth study and thorough consultation with all the concerned stakeholders. Any adjustments in the FMV will affect tax rates and Mayor Abby would like to ensure that such adjustments, if and when [these are] implemented, will not prejudice the private sector and residents,” Camiña added.
According to him, the city government has seen its highest revenue collection in years without raising tax rates.
The latest report of the city treasurer showed the city’s total revenue collection at P12.65 billion as of July 31.