Finance Secretary Ralph Recto has welcomed the enactment of the Real Property Valuation and Assessment Reform Act, which was signed into law as Republic Act No. 12001 by President Ferdinand Marcos, Jr. on June 13, 2024 to establish a just, equitable and efficient real property valuation system in the Philippines.
RA 12001 will establish a single system of valuation for real properties that is aligned with international standards to be used for local and national taxation, among other purposes. The reform also professionalizes the assessors and separates the technical aspect of the valuation process from the political aspect of taxation, addressing overregulation, overlapping policies and jurisdiction resulting in inconsistency in valuations.
The RPIS will transmit all real property-related transaction data to the BLGF to aid in the preparation of the Schedule of Market Values and the development of the database.