File photo from the Cebu City Council’s inaugural session held on July 6, 2022. | Photo from Cebu City PIO
This means that only 50 percent of the adjust rates, ones approved, will be implemented starting July 1, 2023. The full implementation of the new rates will be made starting January 1, 2026 yet. Councilor Noel Wenceslao, the committee chairperson, inhibited from signing the committee report since he is also the proponent of the draft ordinance that seeks to revise the city’s Omnibus Revenue Code to increase the fair market value of properties from its current rate.Other Council members concurred with the recommendations made by the Budget and Finance Committee as they also moved for the approval of the committee report during their Dec. 21 session.