Council divided on raising fair market values

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THE Cebu City Council is divided regarding the passage of the 2023 Revised Real Property Tax Code of Cebu City, which may delay its implementation.In an interview on Wednesday, March 20, 2024, Acting Mayor Raymond Alvin Garcia admitted that council members do not share the same stance.“I have to be honest with you, lain-lain mi og stance. That’s why it is taking very long because wala mi common stance on this particular issue,” he said.

He said some cities in the country give discounts to business owners on their RPT.Meanwhile, City Councilor Noel Wenceslao, chairman of the committee on budget and finance, said there are three kinds of properties that are subject to taxation: land, structure and machinery.Wenceslao said the tax value of structure and machinery hardly appreciates, unlike that of land.He said the fair market value of land goes up every year, as land never depreciates in value.

 

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Belgique Dernières Nouvelles, Belgique Actualités