CEBU CITY, Philippines -- Cebu City Mayor Michael Rama is still keen on updating the real property tax rates here even after scrapping the recently approved ordinance that would allow them to levy
Cebu City Hall
The city government has yet to come up with a specific date for reintroducing its new proposal but announced that its Local Finance Committee will be leading its formulation.On Monday’s briefer, he explained that he disagreed with the provisions it contained. Rama said the rates found on the ordinance did not reflect ‘fair and current market value’, adding that it also violated the Local Government Code.
In the now-vetoed ordinance, commercial, industrial, and special lots will have an assessment level of 10 percent while residential ones will have two percent. Agricultural lots will have an assessment level of 4.8 percent.
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