Thursday, 13 June 2024 07:16


Written by Stephen Capillas
Cagayan de Oro City’s business community and developers were urged to submit their position papers concerning City Hall’s plans to raise the city’s real property taxes as mandated by the national government.
During the program ‘Ang Inyong Konseho Karon’ hosted by the City Information Office, Councilor George Goking said the Department of Finance through the Bureau of Local Government Finance (BLGF) reminded City Hall 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 velues of the city’s real properties) as it is a requirement for us to qualify for the Seal of Good Local Governance (SGLG). Approval of this ordinance is also required to improve the city’s credit standing with financial institutions since it involves our capacity to pay (through our revenues),’ Goking said in Visayan.
About three of four public consultations on the proposed ordinance were held at the City Council session hall with the last scheduled on June 21, Goking said. The first dialogue was attended by mmbers of the Cagayan de Orp Chamber of Commerce and Industry Foundation Inc. (Oro Chamber) and the second was attended by the city’s barangay officials.
The last consultation held last June 7 was attended by members of the Chamber of Real Estate and Builders Association Inc. (CREBA) and socialized housing developers, Goking said. The fourth dialogue will be with home owners groups and civil society organizations, he said. ‘The ways and means committee (which I chair) will then hold deliberations,’ Goking said.
Goking said the City Council’s deliberations on the updated fair market velues ordinance on real properties will also take into consideration the approval by President Ferdinand Marcos Jr of the proposed Real Property Valuation and Assessment Reform Act (RPVARA). ‘Once approved, we’ll have to talk with Mayor (Rolando) Klarex Uy (on that),’ Goking said.
‘We (expect opposition) from our stakeholders who said they understand our position. But we ask that they document their position and have it certified by their general membership so that we can submit it to the BLGF,’ he said. Once the ordinance approved, the increase in the city’s real property taxes will be implemented in tranches, starting in 2026./Stephen Capillas of City Information Office