Paranaque adopting revised schedules of real property values?

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I spotted this tarpaulin along Sucat Road across Duty Free Philippines and I thought Paranaque residents might want to check this out. The tarp says a public hearing on “Adopting the revised schedule of values of real property in the City of Paranaque” will be conducted from September 12-15, 2011.

I’m not really sure if this has anything to do with the Bureau of Internal Revenue (BIR). If you will recall, the BIR started to update real property zonal values nationwide more than a year ago. I do believe this will have an effect on Paranaque zonal values and real property taxes.

Adopting the revised schedule of values of real property in the city of Paranaque - public hearing

Anyway, I have posted below the contents of the Notice of Public Hearing which can be seen in the picture above.

Notice of Public Hearing

What: Public hearing by the Committee on Ways and Means on Draft Ordinance No. 031 entitled:

 

“Adopting the revised schedule of values of real property in the city of Paranaque”

 

Where: San Antonio Gym

 

When:

September 12, 2011

  • 9AM Barangay San Antonio/Barangay Sun Valley
  • 2PM Barangay Moonwalk/barangay Marcelo Green

 

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September 13, 2011

  • 9AM barangay Don Bosco/Barangay Merville/Barangay San Martin De Porres
  • 2PM Barangay BF

 

September 14, 2011

  • 9AM Barangay Baclaran/Barangay Santo Nino
  • 2PM Barangay San Dionisio

 

September 15, 2011

  • 9AM Barangay Tambo, Barangay Don Galo, Barangay La Huerta, Barangay Vitalez
  • 2PM Barangay San Isidro

Why bother attending the public hearing?

If you have properties in Paranaque, you might want to check this out to see how the revised schedule of real property values might affect you. This is your chance to participate and let your voice be heard.

For example, if the real property values are raised, this would lead to a corresponding increase in real property taxes.

I just hope the revised property values would be close to actual market values of the properties in Paranaque.

If you are able to attend any of these hearings, please do leave a comment below to share what may have transpired. Thanks!

~~~

To our success and financial freedom!

Jay Castillo

Real Estate Investor
PRC Real Estate Broker Registration No. 3194
Blog: http://www.foreclosurephilippines.com
Follow me in Twitter: http://twitter.com/jay_castillo
Find us in Facebook: Foreclosure Investing Philippines Facebook Page

Text by Jay Castillo and Cherry Castillo. Copyright © 2011 All rights reserved.

Full disclosure: Nothing to disclose.

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About Jay Castillo

Jay is the founder of Foreclosurephilippines.com where he shares real estate investing tips and foreclosed property listings. He was an I.T. Manager that loved to make things work, which is exactly what he did when he crossed-over to Real Estate Investing and Internet Marketing. He is also a licensed real estate broker with PRC License # 3194 ... [Continue reading]

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  • Pingback: No increase in real property taxes in Paranaque City for 2012 — Foreclosure Investing Philippines

  • ice

    Any news on this?

    @bert ,

    Where you there?? Is that 300% already approved?

    • http://www.foreclosurephilippines.com Jay Castillo

      Hello Ice. We were able to secure a copy of the ordinance but we don’t know if it got approved. We will post a copy of the draft ordinance one we scan and upload it.

  • bert

    Sir, are there any advantages that we can gain from the 300% increase of zonal values in paranaque? How will this affect lot owners and investors?

    • http://www.foreclosurephilippines.com Jay Castillo

      Hi Bert. A lot or property owner would benefit if the taxes are really used for the benefit of the City of Paranaque. if zonal values become an accurate basis for market values of properties, investors would benefit as they can say their properties have already appreciated… but this remains to be seen.

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  • http://www.foreclosurephilippines.com Jay Castillo

    Another thing that comes to mind would be the corresponding increase in taxes (CGT, CWT, DST, etc) you will have to pay if the zonal value increases, in case you are the one who will shoulder these in a transaction involving a property in Paranaque.