BBM signs law on real estate valuation reform

PRESIDENT Ferdinand Marcos Jr.on Thursday signed into law Republic Act 12001 or the Real Property Valuation and Assessment Reform Act (RPVARA).

A priority legislation, the RPVARA adopts the prevailing market value as the single real property valuation base for the assessment of real property tax. It complements the government's efforts to modernize services in local government units through the establishment of the Real Property Information System. The legislation was meant to eliminate systemic problems, including multiple valuations, overregulation, as well as overlapping policies and jurisdictions that cause inconsistent valuations.