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Proposed Bacolod real property tax junked

Bacolod City –The proposed increase on real property taxes (RPT) in Bacolod City, Negros Occidental will not be implemented this year.

In a decision dated January 7, 2016, Judge Katherine Go of Regional Trial Court (RTC-Branch 44) dismissed the civil case filed by now suspended Mayor Monico Puentevella on behalf of the city government of Bacolod.

property tax

Go’s decision was based on the lack of interest of the Bacolod city government to pursue the civil action against Proxima Centauri Realty & Development  Corporation and Bacolod Real Estate Development Corporation  (BREDCO), opposing the tax hike which was considered “astronomical.”

The proposed real property tax hike pushed by the Puentevella administration is supposed to increase real property taxes here at a minimum  of  200 percent and a maximum of 1,600 percent.

However, Bacolod business leaders urged for a lower rate increase and suggested a 150 percent RPT increase spread over a three-year period.

The court decision was welcomed by Bacolod City Rep. Evelio Leonardia as well as the Subdivision and Housing Developers Association (SHDA)-Negros Occidental, the Chamber of Real Estate Builders Association (CREBA)- Negros Occidental, Proxima, and Bredco.

Meanwhile, acting Bacolod Mayor Greg Gasataya has directed the City Treasurer’s Office to use the old rates in collecting RPT after the January 7 court decision.
Source:  Read more at http://www.mb.com.ph/proposed-bacolod-real-property-tax-junked/

About Elena Pineda Gatanela

Elena Pineda Gatanela is a PRC-licensed real estate appraiser and licensed real estate broker. She is an International REALTOR® Member of the National Association of REALTORS® (NAR) of the United States of America. Elena has ten (10) years experience in real estate brokerage, project selling, and property management. She studied Executive Program in Real Estate Development at the Asian Institute of Management.

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