ON June 13, 2024, President Ferdinand Marcos Jr. signed into law Republic Act 12001, or the Real Property Valuation and Assessment Reform Act (RP-VAR Act), which will significantly change the landscape of our real property valuation. The RP-VAR Act also mandates an amnesty on real property taxes and sets caps on subsequent increases in valuation, for the benefit of taxpayers.
The RP-VAR Act mandates that all real properties be valued or appraised based on prevailing market values in the locality where they are situated, in conformity with the Philippine Valuation System (PVS). This PVS shall conform to international standards of valuation and be reviewed every three years.
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