RMO No. 31-2019: Revises the policies, guidelines and procedures in the establishment/revision of Schedule of Zonal Values of Real Properties within the jurisdiction of Revenue District Offices and for other purposes in relation to Sec. 6E of RA No. 10963 (TRAIN Law)

Summary

RMO No. 31-2019 revises the policies, guidelines and procedures for establishing or revising the Schedule of Zonal Values of Real Properties within RDO jurisdiction, in relation to Sec. 6E of RA No. 10963 (TRAIN Law).

Key points

1. Basis of recommended values. Market values are set under DOF Secretary rules based on the current Philippine Valuation Standards and accepted appraisal methods. Sources include records of recent actual sales in public offices, private records of banks, realtors and appraisers, and records of assessors.
2. Final recommended value. The schedule shows three recommended values from the BIR, the private appraisers and the provincial/city/municipal assessor. The final recommended value is the average of the two (2) highest.
3. Missing appraiser or members. If no private appraiser is available, or STCRPV members fail to attend or submit values within ten (10) calendar days from the concluding meeting, the Chairman executes an Affidavit. The Chairman then proceeds with the average of the two (2) highest values or the best data available and submits the schedule and documents to the TCRPV.
4. Value consistency rules. The RDO ensures set relationships, such as interior area values lower than main road values and Residential Regular lower than Commercial Regular, Institutional or Industrial. Rules also cover condominiums, townhouses, streets and agricultural land types, and beaches (A39), resorts (A40) and condominium parking slots, laundry/drying areas and storage rooms must have values if applicable.
5. Review and approval timeline. The signed schedule goes to the TCRPV within sixty (60) calendar days from the STCRPV concluding meeting, and the TCRPV returns it within thirty (30) calendar days. The RDO then presents it at a public hearing and submits the corrected values to the TCRPV within thirty (30) calendar days from the hearing.
6. Final approval. TCRPV members sign the finalized schedule within thirty (30) calendar days from receipt, or are deemed to concur with the majority. ECRPV members recommend approval within fifteen (15) calendar days, and the schedule goes to the Commissioner for signature and the DOF Secretary for approval.

Who is affected

• Revenue District Offices
• Sub-Technical Committee on Real Property Valuation (STCRPV)
• Technical and Executive Committees on Real Property Valuation

Deadlines and effectivity

• STCRPV values due within ten (10) calendar days from the concluding meeting
• Schedule to TCRPV within sixty (60) calendar days; TCRPV review within thirty (30) calendar days
• Corrected values after public hearing within thirty (30) calendar days
• TCRPV signing within thirty (30) calendar days; ECRPV within fifteen (15) calendar days

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.