Bill Type
Congress Name
Long Title
AN ACT AMENDING SECTIONS 212 AND 214 OF REPUBLIC ACT 7160, OTHERWISE KNOWN AS THE LOCAL GOVERNMENT CODE OF 1991
Text as filed (link)
Date filed
July 1, 2004
Scope
Legislative History
| House Bill/Resolution NO. HB00278 |
| FULL TITLE : AN ACT AMENDING SECTIONS 212 AND 214 OF REPUBLIC ACT 7160, OTHERWISE KNOWN AS THE LOCAL GOVERNMENT CODE OF 1991 |
| ABSTRACT : Real property tax (RPT) accounts for about 36% of the total locally-generated income of local government units. However, based on a Commission on Audit report, only 54% of the total potential tax take are actually collected. To improve collection efficiency on RPT, the bill proposes to transfer the approval of the schedule of fair market values from the local Sanggunian to the Department of Finance upon review and recommendation of a regional technical valuation committee. The power to determine the assessment levels and tax rates shall remain with the local Sanggunian. |
| PRINCIPAL AUTHOR/S : DE VENECIA, JOSE JR. C. |
| DATE FILED : 2004-07-01 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS (Journal Entries) : |
| 1. Lacson (002 ) |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON LOCAL GOVERNMENT ON 2004-07-27 |
Abstract
Real property tax (RPT) accounts for about 36% of the total locally-generated income of local government units. However, based on a Commission on Audit report, only 54% of the total potential tax take are actually collected. To improve collection efficiency on RPT, the bill proposes to transfer the approval of the schedule of fair market values from the local Sanggunian to the Department of Finance upon review and recommendation of a regional technical valuation committee. The power to determine the assessment levels and tax rates shall remain with the local Sanggunian.'
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.