CdO holds final public hearing on bid to adjust realty taxes

CAGAYAN DE ORO CITY — Homeowners’ associations and civil society groups attended the fourth public hearing on Friday concerning the proposed ordinance setting the fair market valuation of real properties in the city. The public hearing was hosted by the City Council’s Ways and Means Committee chaired by Councilor George Goking.

Homeowners were encouraged to express their views on the proposed ordinance through position papers addressed to the Bureau of Local Government Finance (BLGF), responsible for determining market valuations as mandated by the Department of Finance.

Earlier, the city council urged the business community and developers to submit their position papers regarding city hall’s plans to adjust real property taxes, as mandated by the national government.

Councilor Goking noted that the Department of Finance, through the BLGF, reminded city hall to update the fair market values of the city’s real properties, last revised in 2008.

“It is essential that we pass an ordinance updating these values to qualify for the Seal of Good Local Governance,” Goking stressed. “Approval of this ordinance is also crucial for improving the city’s credit standing with financial institutions, as it impacts our revenue capacity.”

Goking mentioned that three out of four public consultations had been held at the City Council session hall.

“The Ways and Means Committee, which I chair, will conduct deliberations based on the feedback received,” Goking added.

He also highlighted that the City Council’s deliberations on the updated fair market values ordinance would consider the approval of the proposed Real Property Valuation and Assessment Reform Act by President Ferdinand Marcos Jr. “Once approved, discussions with Mayor Rolando Klarex Uy will follow.”

“We anticipate opposition from stakeholders, but we urge them to formalize their positions through certified documentation from their memberships, which we will submit to the BLGF,” he concluded.

Goking explained that once the ordinance is approved, the increase in the city’s real property taxes will be phased in, beginning in 2026.