Why should SMVs be revised/revalued?

  1. It is mandated under the Local Government Code (LGC) of 1991 and builds local accountability in the exercise of the taxing powers of local governments.
  2. It will reflect the current market value of real property and update the values of various recorded lands, buildings, and machinery in the city.
  3. It will properly reclassify properties based on highest and best use (HABU). a. It will promote transparency and equity in the property market. b. It will provide a fair and equitable distribution of the real property tax burden.

 

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