Bacolod City Councilor Dindo Ramos said Sunday, October 29, that the new real property tax (RPT) rates will be implemented by December this year or January 2018.
Ramos said the City Council had earlier approved on third and final reading the “Ordinance Updating the Schedule of Market Value of Real Properties in the City of Bacolod” which he authored.
He said majority of the councilors voted in favor of the ordinance while Councilor Ricardo Tan abstained.
Ramos said the new land tax rates will result to about P200 million in additional revenue for the city in 2018.
The implementation of the new rates will take effect after Mayor Evelio Leonardia signs the ordinance then, it will be published, he said.
“With the new RPT rates, the delivery of basic services will improve because of additional funds,” Ramos said.
Majority of taxpayers in Bacolod City had earlier expressed support for the implementation of new RPT rates.
“They support the RPT increase because they want a better delivery of services for the people of Bacolod,” Ramos said.
He said now is the right time to impose a land tax increase because it is long overdue.
Local government units should update the fair market value of properties including agricultural, urban and industrial every three years.
