Real property tax to soar in Cebu City

SunStar Publishing Inc.

FROM paying P1,200 in real property tax , a land owner with a 500-square-meter residential land on Sanson Road, Barangay Lahug, may expect a significant jump of 525 percent in his tax dues once the Cebu City Government approves and implements the proposed Real Property Tax Ordinance which, its author said, to some extent is based on “subjective” assessments.

Using the formula above, a property in SRP with a tax due of P143,474 will have a total tax due of P11,956,200, registering an approximate tax increase of 8,233 percent.Retained assessment levelRosell, however, said updated market values of property do not mean higher taxes as local government units are empowered to adjust their assessment level, tax rates, and RPT policy options.

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