By Ric Obedencio
The Sangguniang Panlalawigan has recently approved the revision of the schedule of fair market values (FMV) of real properties of the province.
The move has altered the previous schedule "to determine its assessed value" based on an approved Ordinance No. 016-2007 sponsored by Ways and Means committee chair Bienvenido Molina, Jr.
Lands are assessed according to its classification. Commercial, industrial and mineral lands are set at 50% while agricultural lands are to be assessed at 40% while residential and timberland at 20% apiece.
Three 2nd class municipalities of Talibon, Ubay and Carmen had a uniform assessment of P410/square meter for first class residential, first class commercial is pegged at P981/sq. meter and first class industrial at P691/sq. meter.
Under the 3rd class towns (Loon and Tubigon), first class residential lands will be assessed at P378/sq.m. while first class commercial and industrial lands will be assessed at P577/sq. m. and P546/sq.m., respectively.
First class residential lands under the 4th class municipalities are pegged at P239/sq. m. while commercial and industrial at P456/sq. m. and P277/sq. m., respectively.
Fourth class towns include Buenavista, Calape, Candijay, Dauis, G-Hernandez, Guindulman, Inabanga, Jagna, Getafe, Mabini, Panglao, Pilar, San Miguel, S-Bullones, Trinidad, and Valencia.
Under the fifth class municipalities, first class residential, P182; commercial, P265/sq.m.; and industrial, P234/sq.m. The towns of Alburquerque, Alicia, Anda, Antequera, Baclayon, Balilihan, Batuan, Bilar, Catigbian, Clarin, Corella, Cortes, Dagohoy, Danao, Dimiao, Duero, Lila, Loay, Loboc, Maribojoc, Pres C. P. Garcia, Sagbayan, San Isidro, Sevilla, Sikatuna and Bien-Unido are classified as 5th class towns.
Lands are classified according to its predominant use, the Ordinance stated.
Thus, agricultural lands are assessed on a per hectare per classification basis. Lowland irrigated riceland is pegged at P314,119 per hectare; Lowland unirrigated riceland, P289,87/ha.; upland ricefield, P147,823; corn land, P106,444/ha; coconut land, P131,521/ha.; and palm (oil) land, P81,588/ha.
The Ordinance also quantified the improvements per plant or crop, such as coconut at P312/tree; Bamboo, P403/clump; mango, P3,510/tree; and Palm Oil, P200/tree and others.
It also provides the schedule of base unit cost (per square meter) for buildings according to type, such as gymnasium, one family dwelling; two-family; apartment, boarding house/lodging; and market/shopping center/restaurant and component parts of the buildings. They are classified according to materials used such as reinforced concrete, mixed concrete, strong materials and light materials.
The approved amendments or revised schedules of FMV will take effect starting January 2009.
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Topic: Fair Market Values Of Real Properties In Bohol (Read 7315 times)