What are the salient features of the valuation reform?

VRA proposes to: a. Adopt international standards and rationalize the process of valuation; b. Establish a single valuation base for taxation, through the adoption of the Schedule of Market Values (SMV) of the local government units (LGU), and use the updated values as benchmark for other purposes, such as lease, rental, acquisition, ROW, etc.; c. Insulate valuation at the local level from undue politicization. However, LGUs shall continue to set, adjust and regulate tax rates and assessment levels; d. Recentralize the approval of the Schedule of arket Values (SMV) by the local Sanggunian back to the Secretary of Finance (with review functions of the Bureau of Local Government Finance (BLGF), in coordination with the Bureau of Internal Revenue (BIR), and improve oversight on property valuation and assessment by the Department of Finance (DOF), through the BLGF; e. Establish a comprehensive database to support valuation function; and f. Establish the Real Property Valuation Service in the BLGF to oversee and manage valuation related concerns of local governments.  

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