Ways and Means starts revisiting law on fair market value of real properties

THE City Council committee on ways and means chaired by Councilor George S. Goking during the meeting last week revisited the ordinance prescribing the schedule of the fair market value of real properties in the city.

Councilor James Judith manifested that the ordinance provides that there should have an increase of the real property taxes every three years.

Joshua del Bando of the City Assessor’s Office explained that in updating the fair market value of real property, there are things to consider like the transfer of property and zoning regulations, especially the actual use of the property.

For her part, DILG City Director Engr. Jane L. Docallos informed that the city must coordinate with the Bureau of Local Government Finance (BLGF) in revising the fair market value of the real property. The revised schedule should also be subject to a public hearing.

Councilor Goking said the committee will seek further recommendations from BLGF on the matter.

Present during the meeting were Councilors Joey Abbu and Aga Suan.