BIR Central P’gasinan to Revise Zonal Valuation of Properties

By Mortz C. Ortigoza

To collect more taxes to fund the operation of the government, the Bureau of Internal Revenue in Central Pangasinan revises its zonal valuation.

“Program namin revised ang zonal valuation natin. Last zonal valutation 2017 kaya we are on the process of revision of zonal valuation also ma revisit natin,” Revenue District Office No. 4 Chief Ernesto Mangabat said.

Under the 1997 Tax Code, as amended by TRAIN law, the commissioner of Internal Revenue is authorized to divide the Philippines into different zones or areas, and shall determine the fair market value of real properties located in each zone or area, upon mandatory consultation with competent appraisers, both from the private and public sectors. Under the law, this is supposed to be subject to automatic adjustment once every three years.  However, over the last three years, record of the Department of Finance shows that only 60 percent of Revenue District Offices under the BIR have updated their zonal values.

Revenue District Office No. 4 Chief Ernesto Mangabat.

One of the sources of the BIR in creation of funds for the government is through the Capital Gain Tax (CGT).

CGT from the sale of real property located in the country classified as capital assets by individuals are subject to a tax of six (6) percent based on gross selling price or the current fair market value, whichever is higher at the time of sale.

The highest price of per square meter (PSM) of land in the fourteen towns and two cities' RDO No. 4 is in Dagupan City.

The highest is Fifty Five Thousand Pesos (P55,000) per square meter that can be found in Barangay -1 in Dagupan City,” Mangabat told this newspaper.

He cited that the other PSM with zonal valuation prices of P35,000, P32,000, and P30,000 can be found in Rizal, Fernandez, and Rizal Extension Streets, respectively.

Mangabat said lands in the premier Dagupan City are expensive compared to other provinces like Ilocos Sur.

“Dagupan is Dagupan,” he quipped.

Meanwhile, RDO-4 exceeded its year-on-year goal by P54, 785,479.83 from its January to June 2021 collection of P2, 030, 702, 479. 83.

Mangabat said its collection for the same period last year was P1,975,917,000. 00.