08/02/2024
Urgent update for BGC and the entire Taguig City (RDO 44)! The zonal value is poised for an increase, as highlighted in the January 31 report from the Philippine Star, with the implementation scheduled within 15 days from the publication date.
1. Does an increase in zonal value result in a rise in real property tax? Not necessarily. The rise in zonal value doesn't automatically trigger an increase in the market value stated on your tax declaration. Adjustments in market value will be managed by the assessor's office at the city hall level, not the BIR.
2. Will other cities follow suit in updating their zonal values? It's not a universal trend; only Makati and Taguig, and more recently, Muntinlupa, have taken proactive steps. The reason why some cities don't promptly update their zonal values remains unknown. Some cities have maintained the same zonal value for decades.
3. When will the updated values take effect? Firstly, it must be published in the official gazette or a public newspaper. Following the publication date, there's a fifteen-day period until it becomes official. It's crucial to note that the BIR considers the notarization date of the deed. In this case, the new values will apply to deeds notarized from February 15 onwards.
If you seek further clarification, please don't hesitate to reach out. I don't charge for consultation; the only request is that you remember me when you or someone you know is in the market to buy, sell, or rent out a property!
