Let's Talk Tax
Tax Impacts from The New Property Valuation Law
On 13 June 2024, President Ferdinand R. Marcos, Jr. signed Republic Act No. 12001, or the Real Property Valuation and Assessment Reform Act (RPVARA), into law. This new piece of legislation aims to upgrade tax collection efficiency in the realm of real property taxation. The new law also aims to reorganize the Bureau of Local Government Finance (BLGF) as the sole agency responsible for streamlining and establishing real property zonal values and their respective tax rates.