What is the difference between the current SMV from the proposal under the Valuation Reform Act?

The current SMV is being approved by the local Sanggunian through an enactment of ordinance, and the approved SMV is being used as basis for local taxes such as real property tax. While in the VRA proposal, the local assessor will still prepare the SMV, however, it shall be reviewed by both BLGF and BIR, and will be endorsed to DOF for the approval of Secretary of Finance. Moreover, the approved SMV in the proposal may be used by other government agencies as basis to other real property-related taxes.