Which agency shall be responsible for the administration of real property valuations in the country?

The DOF, through the BLGF, shall be the lead agency responsible for the implementation of the reforms. The BLGF shall have the following powers and functions:

    1. Develop, adopt, and maintain valuation standards consistent with generally accepted international valuation standards, regulations, and specifications for real property appraisal used for tax and other purposes, and ensure compliance therewith by LGUs and other concerned parties.
    2. In coordination with the BIR, review for compliance with the real property valuation policies and standards and recommend for approval of the Secretary of Finance the SMVs as prepared by the provincial assessors together with municipal assessors, and city assessors, including the municipal assessor in Metropolitan Manila area, for tax, both local and national, and for other purposes.
    3. Provide technical assistance on real property appraisal matters to government agencies and instrumentalities, and coordinate or conduct the valuation and appraisal of special purpose properties, when requested.
    4. Provide leadership and policy direction to LGUs on real property valuation and appraisal for taxation and other purposes, including the development and maintenance of valuation standards, the regulation of valuation and appraisal activities and other related matters, and the promotion of valuation and appraisal training and seminars.
    5. Maintain a roster of licensed local government appraisers and assessors.
    6. Develop and maintain a comprehensive and up-to-date electronic database of real property transactions and prices of materials for buildings, machinery, and other structures.
    7. Determine, fix, and collect reasonable amounts to be charged an administration fee, fines, and penalties relative to the implementation of this Act.
    8. Conduct continuing study and research on valuation and maintain a database of information on global and country trends and developments in real property valuation and appraisal.
    9. Perform such other functions as are necessary, proper, and incidental to implement the provisions of this Act.
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