CDO seeks biz community inputs on proposed tax hikes

By Stephen Capillas

June 13, 2024, 10:40 pm

CAGAYAN DE ORO CITY – The city government has called on the business community – especially real estate developers – to submit position papers on the proposed increase in real property taxes, as mandated by the national government.

In a statement on Thursday, Councilor George Goking said the Department of Finance, through the Bureau of Local Government Finance, has reminded the local government to revisit the fair market value of the city’s real properties that were last revised in 2008.

"It is incumbent that we (pass an ordinance updating the fair market values of the city’s real properties) as it is a requirement for us to qualify for the Seal of Good Local Governance," he said.

Goking said the approval of this ordinance is also required to improve the city’s credit standing with financial institutions, since it involves the city's capacity to pay through revenues.

Three of four public consultations on the proposed ordinance have been conducted by the City Council, with the last scheduled on June 21.

Goking said the first dialogue was attended by members of the Cagayan de Oro Chamber of Commerce and Industry Foundation, Inc. and the second was attended by the city’s barangay officials.

The last consultation was attended by members of the Chamber of Real Estate and Builders Association Inc. and socialized housing developers.

Goking said the fourth dialogue will be with homeowners groups and civil society organizations.

Goking said the City Council’s deliberations on the updated fair market values ordinance on real properties will also take into consideration, following the approval by President Ferdinand Marcos Jr. of the Real Property Valuation and Assessment Reform Act. (PNA)