Bacolod Mayor Monico Puentevella yesterday thanked the members of the Sangguniang Panlungsod who voted for the passage of the ordinance to update the city’s market value schedule during its regular session Wednesday.

The SP approved on second, third and final reading “An ordinance updating the schedule of market value of real properties in the City of Bacolod and other provisions relative to real property tax administration,” with nine affirmative  and two negative votes.

Puentevella also congratulated his son, Councilor Claudio Puentevella, chairman of the SP Committee on Appropriation and Finance, and the technical finance group who  prepared the pertinent documents, during his press conference yesterday.

He also said the passage of the tax ordinance will spur more projects for the city beginning this year and these will include  the rehabilitation and maintenance of roads and traffic lights, barangay affairs, peace and order and education.

“The development we are seeing now is just a start, and we will have more next year,”  Puentevella said.

The Mayor  also met with the private and business sector and said that “they have accepted the increase and have come to terms”.

However, with the mayor and the members of the SP wanting to “regulate the impact” of the increase to the city’s taxpayers, they  agreed that only 40 percent of the increase in the new market values will be taxed.

Puentevella is scheduled to sign the final ordinance next week.

City Assessor Maphilindo Polvora said the SP decided to approve the new valuation of real properties based on 40 percent of the increase in the value of the property.

He said it was a good decision of the SP because after nine years, the schedule of the value of real properties in Bacolod City has been revised.  

“We can now compete with other highly urbanized cities like Iloilo, which has almost the same value of real properties with Bacolod,” Polvora said. After they are done with their general revision and records transfer, the new adjustment in real property tax will definitely be implemented by January next year, he also said.

Polvora cited  the computation for residential property where the old rate will be deducted from the new rate and the product will be the subject of the 40 percent computation of real property taxes.*CGS

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