QC holds public consultation on fair market value adjustment

• Source: http://news.pia.gov.ph/article/view/231478675946/qc-holds-public-consultation-on-fair-market-value-adjustment
• Wednesday, November 9, 2016

(QC PAISO/RJB/SDL/PIA-NCR)

QUEZON CITY, Nov. 9 (PIA)-- The Quezon City Council has scheduled public consultations on the proposed ordinance adjusting the schedule of fair market values of real properties in the city.

The City Council Committees on Ways and Means and on Laws, Rules and Internal Government, have invited residents, including officers and members of homeowners, commercial and business associations in the city to participate in the public consultations, scheduled from November 8 to 17.

Venues for the consultation include Bahay-Toro and the N.S. Amoranto covered courts, for District I on November 8; the barangay halls of Batasan and Holy Spirit, for District II on November 9; Barangay Loyola Heights hall and Camp Aguinaldo High School, for District III on November 10; Barangay Mariana hall and the Carlos Albert Session Hall at QC Hall, for District IV on November 15; the SB Plaza in Novaliches Proper and the North Fairview covered court, for District V on November 16 and the TS-SB Park and the Balumbato Teacher’s Bliss, for District VI on November 17.

The Carlos Albert Session Hall will be the venue for the public consultation on November 11 and November 12 with representatives from different business groups as participants and guests.

The proposed ordinance providing adjustment in the schedule of fair market values for land, buildings and other structures located in Quezon City has been described by Mayor Herbert Bautista as a requirement of law.

“Much as we do not like to burden our taxpayers, our Commission on Audit (COA) resident auditor has already highlighted this need,” the Mayor said.

As provided under the Local Government Code, a general revision of real property assessments should be conducted every three years.

“We are not exempted from the law, therefore, we have no obligation but to comply,” said the Mayor.

The last time Quezon City adjusted its schedule of fair market values was in 1995, the Mayor said.

According to the Mayor, the proposed adjustment is scheduled to take effect in 2017 for lots and 2018 for the improvements.