CdO mulls adjustments on property taxes

CAGAYAN DE ORO CITY — The City Council urged the business community and developers on Friday to submit their position papers regarding City Hall’s plans to raise the city’s real property taxes as mandated by the national government.

Councilor George Goking, head of the City Council Ways and Means Committee, said that the Department of Finance, through the Bureau of Local Government Finance, reminded City Hall to review the fair market value of the city’s real properties, last revised in 2008.

“It is incumbent upon us to pass an ordinance updating the fair market values of the city’s real properties, as it is a requirement for us to qualify for the Seal of Good Local Governance,” he stressed.

Goking added, “Approval of this ordinance is also necessary to improve the city’s credit standing with financial institutions, as it impacts our capacity to pay through our revenues.”

He mentioned that three out of four public consultations on the proposed ordinance were conducted at the City Council session hall, with the final one scheduled for 21 June.

The first dialogue included members of the Cagayan de Oro Chamber of Commerce and Industry Foundation Inc. (Oro Chamber), while the second involved the city’s barangay officials.

“The last consultation on 7 June was attended by members of the Chamber of Real Estate and Builders Association Inc. and socialized housing developers,” Goking said. “The fourth dialogue will engage homeowners’ groups and civil society organizations. The Ways and Means Committee will subsequently hold deliberations.”

Goking explained, “The City Council’s deliberations on the updated fair market values ordinance on real properties will also consider the approval by President Ferdinand Marcos Jr. of the proposed Real Property Valuation and Assessment Reform Act (RPVARA). We will then coordinate with Mayor Rolando Klarex Uy.”