Latest Breaking News On - Baguio city hall pna file photo the local legislative branch here on thursday asked mayor benjamin magalong to suspend increase in fair market value of real properties avoida spike property taxes quot it is untimely considering financial condition many residents and businesses who suffered losses because covid coronavirus disease 2019 - Page 1 : comparemela.com

Baguio City Hall. (PNA file photo) BAGUIO CITY - The local legislative branch here on Thursday asked Mayor Benjamin Magalong to suspend the increase in the fair market value of real properties in the city to avoid a spike in property taxes. "It is untimely considering the financial condition of many residents and businesses who suffered losses because of the Covid (coronavirus disease 2019)," Councilor Joel Alangsab, one of the authors, said in a message to reporters. Alangsab said the local government should consider the pandemic as a reason to push back the increase. He said an increase in taxes will not be shouldered by the property owner alone, but will most likely be passed on to the renters through higher rent. He said several small shops and religious congregations had already been forced to stop renting after their revenues and collections went down due to the pandemic. The resolution filed before the city council said such an increase would be contrary to the governm

Almaya addaweJoel alangsabBenjamin magalongMayor benjamin magalongBaguio city hall pna file photo the local legislative branch here on thursday asked mayor benjamin magalong to suspend increase in fair market value of real properties avoida spike property taxes quot it is untimely considering financial condition many residents and businesses who suffered losses because covid coronavirus disease 2019Uot councilor joel alangsabNe of the authorsAid ina message to reporters alangsab said the local government should consider pandemic asa reason push back increase he an in taxes will not be shouldered by property owner aloneUt will most likely be passed on to the renters through higher rent he said several small shops and religious congregations had already been forced stop renting after their revenues collections went down due pandemic resolution filed before city council such an increase would contrary government 39s quot heal as one mantra popularized help lift all sectors from economic setback brought by ordinance 16Pproved in 2020Rovides fora 70 percent increase in the fair market value of real properties first year implementation and remaining 30 to take effecta after ordinance provides that assessment level for residential agricultural land is fixed at 2Hile the assessment level of commercialNd special classes of lands is at 7 percenta hotel in the city that used to pay php65000 will have to pay php259000 per annum once the increase takes effect country 39s biggest membership resort will pay about php11 million from old php4 milliona residential property that used to php350 year have php1500 the city assessor 39s office earlier said there are 62