House Bill No. 10808 Seeks for 2-Year Suspension of Property Valuation Law in the Philippines

Is the 2-Year Suspension of Philippine Property Valuation Law Already Implemented?

The two-year suspension of the Real Property Valuation and Assessment Reform Act implementation has been filed by Marikina 2nd District Representative Miro Quimbo. Under the proposal, the main advantage of House Bill No. 10808 is to shield business and property owners from sudden tax increases and government charges. Now, let’s discuss this new house bill to better understand the benefits of this suspension once implemented.

What Is House Bill No. 10808?

The House Bill No. 10808 seeks to suspend the implementation of new Schedules of Market Values as well as the general property assessments to ease the burden from taxpayers due to current economic conditions. However, this proposal doesn’t reject the key provisions under RPVARA. That being said, the bill will continue to implement consultations, capacity-building, and data collection while agencies evaluate the fiscal and economic impact of the new valuation system.

Timing, Not Rejection of Reforms

The legislator clarified that the house bill filed is not a rejection or abandonment of the key provisions but rather, it’s more about proper timing. With economic disruption already burdening taxpayers, it would be an additional hardship to implement a policy that increases taxes. The house bill will still continue despite the two years of suspension, this applies to zonal values, existing SMVs, assessed values, and other valuation bases.
Moreover, the proposed measure aims to make sure no taxpayers will have to settle higher local or national taxes and charges according to the updated SMVs. As a part of the tax reform agenda, this measure will significantly relieve Filipino business and property owners from unreasonable burdens, such as paying excessive fees. The key is balancing revenue reforms in order to help ordinary Filipinos build a better life.
Adding more to the burden of Filipinos in this economy may not be the best option. Modernizing the property valuation system doesn’t necessarily need to impose sudden increases in taxes and fees. Businesses, property owners, and ordinary Filipino families need this proposed measure now more than ever. Relief and protection for taxpayers are more important than raising revenues. The goal is to build a tax system that is fair to everyone and responsive to the needs of the Filipinos. So it’s not a rejection but rather a better timing for realignment.

Final Thoughts

With the proposal of RPVARA suspension of its implementation for two years, business and property owners can take a break from additional financial burdens. Under House Bill No. 10808, taxpayers will be protected from sudden tax increases and other fees based on the new valuation system. If you have questions regarding property valuation, you can send us a message via REALS.PH Facebook page. You may check out our property listings, including homes for sale in Baguio, to find your next real estate investment in the Philippines.