Defining the News
June 14, 2024, 12:45 amPresident Ferdinand Marcos Jr. on Thursday, June 13, 2024, signed into law the Real Property Valuation and Assessment Reform Act , which aims to standardize the country’s valuation of real property. The law is now called Republic Act No. 12001.
“This new law is necessary to enhance the country’s tax collection system, generate revenues, create jobs, and attract investments. No longer will we rely on the outdated valuation system,” the President said. Recto added that it would adequately fund local government units and equip them to attend to the needs of their constituents.
By standardizing property evaluation, the RPVARA is now free to utilize the Philippine Valuation Standards based on International Valuation Standards. This is a principle-based standard that promotes transparency and maintains a high level of trust in the practice of valuation.
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