BENGUET’S REAL PROPERTY ASSESSMENT 1Q 2024 REPORT; MARKET VALUES TO INCREASE

April 30, 2024 Environment

LA TRINIDAD, Benguet

The province’ real properties has a total value of P15.6 billion, the Benguet Provincial Assessor’s Office said. This developed after the said office has consolidated real property assessment for the first quarter of 2024 across 13 municipalities comprising 140 barangays. In an exclusive interview, Crisaldo Badival, the Benguet Provincial Assessor, said the figure represents P3.8B on land, P4.1B on building, P5.6B on machinery, and P2B on other improvements. This represents P1-million increase compared to last year’s fourth quarter assessment, which had a total assessed value of P15.5 billion.

Among the seven classifications of real property, residential buildings emerged as the highest contributor for this year’s first quarter, with an assessed value of P1.6 billion followed by agricultural land with P1 billion. Residential land and commercial building closely trailed behind, with assessed values of P922 million and P813 million, respectively. The real property tax rate for the province is set at 2% of the assessed values. Notably, the market value of these properties stands at an impressive P60 billion: P29B on land, P21B on building, P6.9B on machinery, and P2.5B on other improvements.

The official said the proposed 2024 schedule of market values set to increase to align with more realistic figures. “Goal natin is tataas yung market value, mas lalapit sa reality. Although, hindi ibig sabihin na kapag tumaas yung market value, mas tataas yung taxes kasi may dinadaanan pa din yan na assessment and computation,” Badival explained. “I-babalance pa din natin yan kasi ayaw naman nating mabigla ang mga tao sa pagtaas ng buwis,” Badival added. The proposed revision aims to update the schedule of market values, currently the said office relies on the 2010 revision. The proposal is currently under review by the Bureau of Local Government Finance (BLGF).

By Ruffa Mae T. Payangdo-UB Intern