RMO No. 41-2010: Prescribes the revised policies, guidelines and procedures in the establishment/revision of the schedule of zonal values of real properties within the jurisdiction of the Revenue District Offices and for other purposes

Key points

1. Decentralized functions. The Asset Valuation Division’s functions on revising and updating the Schedule of Zonal Values, including protests and appeals, move to the Regional Directors and Revenue District Officers.
2. Committees on real property valuation. Each Revenue Regional Office creates an Executive Committee (ECRPV) and a Technical Committee (TCRPV) under Department Order No. 6-2010 dated March 12, 2010, plus a Secretariat. Each Revenue District Office has a Sub-Technical Committee (STCRPV) chaired by the Revenue District Officer.
3. Basis of recommended values. Values rest on acceptable appraisal methods, records of recent sales and transfers in public offices, private records of banks, realtors and appraisers, assessors’ records, and other appraisal methods.
4. Contents of the schedule. The schedule shows three recommended values from the BIR, the private appraisers and the assessor. The final recommended value is the average of the two highest.
5. No appraiser or no submission. If no private appraiser is available, or members fail to attend or submit values within ten (10) calendar days from the concluding meeting, the STCRPV Chairman executes an Affidavit and proceeds on the average of the two highest values or the best data available.
6. Deadlines and publication. The signed schedule goes to the TCRPV within sixty (60) calendar days from the STCRPV’s concluding meeting. Corrected values go to the TCRPV within thirty (30) calendar days from the public hearing, and revisions are made three (3) years after the latest revision. Effectivity follows publication in the Official Gazette or a newspaper of general circulation after fifteen (15) calendar days.

Who is affected

• Regional Directors and Revenue District Officers
• RDOs whose zonal values were not revised as of December 31, 2006

Deadlines and effectivity

• Schedule to TCRPV within sixty (60) calendar days from the STCRPV concluding meeting
• Corrected values within thirty (30) calendar days from the public hearing
• Subsequent revisions three (3) years after the latest revision
• RDOs with no revision as of December 31, 2006 submit a revised schedule not later than June 30, 2010