Rama wants new real property tax revision to take effect in 2024

📆 2/13/2023 1:16 PM
📰 cebudailynews

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CEBU CITY, Philippines -- Cebu City Mayor Michael Rama is still keen on updating the real property tax rates here even after scrapping the recently approved ordinance that would allow them to levy

Cebu City Hall

The city government has yet to come up with a specific date for reintroducing its new proposal but announced that its Local Finance Committee will be leading its formulation.On Monday’s briefer, he explained that he disagreed with the provisions it contained. Rama said the rates found on the ordinance did not reflect ‘fair and current market value’, adding that it also violated the Local Government Code.

In the now-vetoed ordinance, commercial, industrial, and special lots will have an assessment level of 10 percent while residential ones will have two percent. Agricultural lots will have an assessment level of 4.8 percent.

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Rama vetoes ordinance increasing real property taxes but…CEBU CITY, Philippines -- The Cebu City government wants a new model for revising the real property tax rates here. Mayor Michael Rama on Sunday, Feb. 12 announced that he vetoed City Ordinance No.
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