Asia Pulse - The move of the Davao City government to increase the property tax is a sign of growth as it signals that properties here have more value. Filinvest vice president for Visayas and Mindanao, Tristan Las Marias said the move will also be good for property developers.
"It is a sign of growth and new direction, and we should all embrace it," he said.
City Councilor Bonifacio Militar was the proponent of the resolution that advocated an adjustment to the market value of Davao properties.
In an earlier report, Mr Militar said now is an opportune time to increase the marketability of real estate as the city has significantly developed due to an influx of investments and business.
The proposal indicated that the preparation of a schedule of market values will be completed in 2008 to be effective in 2009.
Among others, the resolution indicated that new buildings to be constructed in the city shall be appraised and assessed on their actual cost.
The increase in market value per square meter is the reduction of assessment levels so that the increase in tax dues will be reasonable, Mr Militar said.
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