Tag Archives: Finance

Gov’t finance bureau wants law allowing property tax collection increase

The Department of Finance’s Bureau of Local Government Finance (BLGF) wants Congress to work on a law that would allow local governments to collect more real property taxes to be used for community development.

In a press conference on June 11, BLGF Head Jose Arnold Tan said local officials are not collecting the appropriate real property tax because they have failed to adjust the schedule to market values, which updates the property taxes to be collected in their localities.

The local government code requires the schedule of market values to be updated every three years, Tan said, noting that some provinces are lagging by as much as 20 years.

The issue, he said, is that whenever the BLGF encourages the local governments through advocacy, training courses, and workshops to make the adjustment, they complain that raising taxes would affect their political careers.

Some local executives and even Sangguniang Bayan members have however expressed their willingness to forego their authority to approve the schedule of market values, he said.

“They are one with the Department of Finance in amending the local government code that the approval of schedule of market value will now be with the secretary of finance,” Tan said.

Once this is approved, local governments will be left with the enactment of an ordinance imposing the tax rate, he explained.

“We depoliticize the schedule of market value; to have a one value for the schedule of market value and the zonal value. We call it the Valuation Reform Act — strengthening the BLGF to get this additional function of reviewing the schedule of market value being prepared by the local assessor,” he said.

Once it is prepared, it will be reviewed by the BLGF and approved by the secretary of finance. This initiative will be done in coordination with the Bureau of Internal Revenue.

Tan said the proposal has passed the House of Representatives and is now with the Senate.

“I don’t know if it will be passed this June but probably in the resumption in July. We need 14 votes but we only got 12. Most probably, we have to lobby again,” he said.

Provinces are losing as much as P9.4 billion as a result of their failure to update the schedule of market value, according to Tan.

He pointed out that in terms of infrastructure development, P9.4 billion would be enough to build 700 public markets, 979 kilometers of roads, 2,748 day-care centers, and 9,580 classrooms.

For the country’s cities, the foregone revenue with regards to real property taxes is higher, at about P20.3 billion, Tan said.

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Tips in Selling your Home to the Best Buyer

A lot of people managed to sell their own home quickly. How do they do it? For most people however, selling one’s home is never easy.  There are a lot of difficulties; not counting those memories and sense of belonging one has to get over, for one.  You would like to make sure your house goes to best buyer possible – to the person who is going to pay for what it’s worth.

There are just of the few tips that might help you sell your house fast and to the best buyer possible:

Find a good attorney

Have every legal issues covered before you hand in your house to the next owner.  Inquire about property disclosures to potential buyers that your state law requires.  Find a good attorney to help you in this matter.

An attorney is also the best person to help you make the contract form for selling your house.  Local estate laws normally requires a contract that would protect you and the buyer.

To find your best possible buyer, pick out the best picture to put in your advertisements. Like humans, not all houses are “photogenic”, so find the best angle that still represents what your house has to offer.

Hire a reputable real estate agent

Something the real estate agents have while you don’t,  is experience, especially regarding home buyers. The large amount of potential buyers coming to your house should not convince you that everyone can finance for a house. If you’re selling a house on your own, more buyers will come to you  in the hope of a more flexible negotiation – check them all. Ask if they’re able to buy your house immediately, or if they do need to sell their own house first to finance their purchase.

Put up a good first impression

Cleaning and preparing your house meticulously for home showings is only a part of your effort. Some prospective home buyers love to do drive-bys, and rely on that first impression. Make sure your lawn and the front part of your house is well maintained to catch their attention. If your curb appeal is low, clients are reluctant to see what’s inside of your house.

These bits of wisdom came from the experience of people who managed to sell their home successfully to the best buyer. There are many factors to consider before you take every next step, so take your time. There’s one bit of useful advice:  it’s useless to do the selling on your own if the revenue taken from not hiring a real estate agent is spent heavily on fixing your own mistakes!