GOOD news for real property owners in Manila.
Mayor Isko Moreno yesterday signed an ordinance reducing by 20 percent effective January next year, the current real property taxes in the city, as he called on delinquent taxpayers to take advantage of the amnesty being offered by the city which he said will last until the end of the year.
Moreno credited those behind the drafting and passage of Ordinance No. 8567 which will cover all properties, big and small, particularly the councilors belonging to the majority bloc under vice mayor and council presiding officer Honey Lacuna and thanked the residents of Manila for giving him an ally vice mayor and majority councilors.
The ordinance stated: ‘There is a need to adopt a more progressive and equitable revenue system to help our taxpayers from the detrimental effects of economic downturn. This may be achieved through a further reduction in the ceiling on the corresponding increase in the tax levy from 60% by 20% based on the incremental values of real properties under Ordinance No. 8330 (2014 General Revision of Real Property Assessments).
The city treasurer’s office headed by Jasmin Talegon and department of assessment under Atty. Marlon Lacson have been tasked with drafting the necessary rules and guidelines for the implementation of the said ordinance, within five days from its passage.
In signing the said ordinance, Moreno fulfilled a campaign promise that he will reduce real property taxes to a level that would unburden property owners in the city.
Moreno has repeatedly said that the total targeted reduction is actually 40 percent. Of the total, 20 percent reduction takes effect next year while the remaining 20 percent reduction will be implemented in 2021 and 2022 at ten percent for each year.