JUNE 13, 2024 marked a pivotal day in Philippine taxation as this was when President Ferdinand Marcos Jr. signed into law Republic Act 12001, also known as the Real Property Valuation and Assessment Reform Act (RPVARA). The groundbreaking legislation is set to revolutionize the country's previous real property tax system.
The RPVARA aims to upgrade the previous valuation system and establish a uniform valuation standard for real property assessments. Under the new law, the Bureau of Local Government Finance (BLGF) is tasked with developing, adopting, maintaining, and implementing uniform valuation standards to be used by all appraisers and assessors in local government units (LGUs) and other concerned parties or agencies involved in property valuation for taxation and other purposes.
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