Tuesday, 14 May 2024 01:19


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Cagayan de Oro City Hall under Mayor Rolando ‘Klarex’ Uy’s administration is ready to negotiate with the city’s real property, businesses and homeowners concerning a proposed increase in real property taxes.
Councilor George Goking, who chairs the ways and means committee of the 20th City Council, gave this assurance at the start of the first of four public hearings on a proposed ordinance prescribing the fair market value of real properties in Cagayan de Oro City for 2025. Last Friday’s public hearing and subsequent hearings are scheduled at the City Council session hall.
In his presentation, City Assessor Atinodoro Asequia said the proposed ordinance will serve as basis for City Hall to impose the revised real property taxes on business owners and real property owners in the city.
The ordinance also includes every building and structure built on the lots based on their classification either as residential, commercial or agricultural.
Asequia said based on Republic Act 7160 o Local Government Code, local governments are mandated to revise the fair market value of real properties every three years.
The fair market value will be determined by the Bureau of Internal Revenue (BIR) based on guidelines set by the Bureau of Local Governance Finance (BLGF) under the Department of Finance.
Representatives of the Cagayan de Oro Chamber of Commerce and Industry Foundation Inc. (Oro Chamber) said they will issue a position paper in response to the proposed ordinance.
For his part, City Administrator Roy Hilario Raagas said they will address the needs and concerns of the city’s business community in relation to City Hall’s need to raise additional revenue to fund their services and programs for the people of Cagayan de Oro City.
The next schedule of public hearings to be held Friday afternoons at the City Council session hall will be on May 31, June 7 and June 21. Invited were barangay officials, representatives of the Chamber of Real Estate and Builders Association (CREBA) and developers, homeowners associations and civil society organizations. (Stephen Capillas of City Information Office)