When should SMVs be updated?

The updating of SMVs and conduct of general revision of property assessments shall not be earlier than three (3) years from the date of last revision, and not later than five (5) years. The range was set since three (3) years may be too soon for LGUs with slow moving property values, such as rural areas outside Metro Manila, and five (5) years may be too long for active markets. Failure to update the SMV shall render an LGU ineligible for any conditional or performance-based grants or to contract any form of credit financing from the national government.

 

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