Real property valuations to change

AT present, determining the value of real properties is required for various transactions. Local and national government agencies use different real property valuation standards when assessing these transactions. Hence, the absence of a uniform set of standards for real properties in the Philippines has led to the existence of multiple, overlapping and outdated valuations.

In view of the situation, President Ferdinand Marcos Jr. signed into law Republic Act (RA) 12001, or the Real Property Valuation and Assessment Reform Act (RPVARA), on June 13, 2024, which takes effect 15 days after its publication in the Official Gazette or in a newspaper of general circulation. The law aims to encourage tax compliance and the sustainable development and maintenance of a just, equitable and uniform real property valuation aligned with international standards.