Davao City starts reassessment of fair market value of property

City Assessor's Office chief Cesar Dataya said the last time an assessment was made on the fair market value for land, building and machinery, including the electric posts of the electric power supplier, was 15 years ago.

Dataya told the I-Speak press conference that the reassessment, made possible through a city ordinance passed last December on the general revision of the fair market value, will take about a year and will require the hiring of more engineers and architects, among others.

Dataya said the Local Government Code mandates the local government units to make a general revision of its fair market code at least every three years. The city’s last reassessment was in 1993.

With the revision, real estate tax and other property taxes are expected to increase but Dataya said Dabawenyos should not worry since the increase will not be astronomical.

At most, the increase will be only 25% of its current value.

The City Assessor’s Office was allotted P6 million for the reassessment but Dataya said they need another P4 million since technical workers will have to be hired.

Dataya said P6 million will get them through six months of work.

But Dataya is confident he can get the additional P4 million from the supplemental budget that the City Council may pass in June. (MindaNews)