<p>The Real Property Valuation and Assessment Reform Act (RPVARA), a measure that streamlines the country’s property valuation system, is expected to be fully implemented in 2028, Finance Secretary Frederick Go said Thursday.</p><p>Speaking to reporters on the sidelines of the National Executive Forum on RPAVARA Implementation in Taguig City, Go said that the operational weight of the law has now officially shifted to local authorities. </p><p>"The main task is now with the local government units," Go said.</p><p>Go expressed confidence that the target timeline for the complete overhaul of the real property valuation system will be met as foundational groundwork has already been laid.</p><p>"Because the whole process started years ago when the law was passed, we already are done with the preparation. We are already done with the policies, so now. it's just implementation,” he said.</p>Under the RPVARA or Republic Act No. 12001, enacted in June 2024, one of the primary mandates of the reform is to "promote the fiscal autonomy of local government units (LGUs) to provide basic services to their constituency by enhancing their capacity to generate local revenues from real property."<p>The law also puts a cap of 6% on the increase of real property taxes.</p><p>The measure was enacted to reform and streamline how LGUs determine the market value of real properties, as outdated Schedules of Market Values (SMVs) have caused local governments to miss out on collecting property taxes. </p><p>By establishing a single, updated real property valuation system aligned with international standards, the law ensures local governments can accurately assess property taxes, which could translate into higher local budgets for public infrastructure and other initiatives.</p><p>“The ones who will really benefit from the higher market values will be the local government units,” Go said.</p><p>The RPAVARA transition over the next two years was also aimed at digitizing and streamlining real property tax administration across all LGUs by 2028. <strong>–NB GMA News</strong></p>.
Philippines property valuation reform to take full effect in 2028
Finance Secretary Frederick Go confirms the Real Property Valuation and Assessment Reform Act will be fully implemented by 2028, streamlining the country's property tax system.