PO20CC-141 TITLE Ordinance approving the Revised Schedule of Fair Market Values for land, buildings and other structures situated in Quezon City. Filed for First Reading on October 17, 2016 Committee Referrals: Committee on Ways & Means Committee on Laws, Rules and Internal Government

PO20CC-141 A priority measure of the Executive Department. Compliance to laws and issuances Updates the classification of real properties

Rationale /Basis Latest approved general revision of Fair Market Value for land, buildings and other improvements was approved in December 19, 1995. Our own SMV is 20 years outdated. (SP Ord. 357 S-1995 approved 12/19/1995)

Local Government Code (RA 7160) Section 219, RA 7160, the City or Municipal Assessor shall undertake a general revision of real property assessment within two (2) years after the effectivity of this Code and every three (3) year thereafter” Nakasaad sa local government code na kailangan isaayos ang halaga ng lupa tuwing 3 taon.

Commission on Audit Findings Rationale /Basis Commission on Audit Findings October 7, 2016 The general revision of real property in the City has not been undertaken for years now such that the fair market values for purposes of assessment, classification and subsequently the collection of realty taxes has not been attuned to the changing times. The Commission on Audit recommends that the City Assessor initiate the preparation of the schedule of fair market values for the different of real property for the enactment of Ordinance. Ang COA ay nagpapaalala sa mga sangay ng gobyerno kung ano ang

Rationale /Basis DILG and DOF Joint Memorandum Circular No. 2010-201 dated October 20, 2010 JMC 2010-01 enjoins LGUs to implement Section 219 (General Revision of Assessment and Property Classification) of the Local Government Code regarding the revision of property assessments and classifications. It also prescribes the use of the Philippine Valuation Standards (DOF Dept. Order No. 37-09) and Mass Appraisal Guidebook (DOF Dept. Order No. 2010-10) in conducting the general revision of property assessments and classifications

What is a Fair Market Value? The price at which a real property or commodity may be sold by a seller who is not compelled to sell and be bought by a buyer who is not compelled to buy. Quezon City Revenue Code Example: Residential – 4 (Alicia, Vasra) P1,500 FMV/sqm

LEGISLATIVE & EXECUTIVE FUNCTION Sanggunian Mayor’s Office Policy-Making Programs & Project Implementation Ang SP ay gumagawa ng batas at ang Mayor’s ay nagpapatupad ng mga programa at proyekto. LEGISLATIVE The legislative branch of government is mandated to make, amend, and repeal the laws of the state and to appropriate the money necessary to operate the government. EXECUTIVE The executive branch is responsible for implementing and administering the public policy enacted and funded by the legislative branch.

Concept of a Local Legislation As a PROCESS The sanggunian’s continuous interaction with the executive branch, constituents, civil society, and other actors of governance, resulting in policy actions that promote the development of the locality.

Importance of Public Consultation Public consultation is a formal process through which citizens and stakeholders can give feedback on policy analysis, proposals and options presented by the executive branch of government. Public involvement is means to ensure that citizens have a direct voice in public decisions.

` Thank you!