Guidelines in the Effective Implementation of Local Assessment Regulations (LAR) No. 1-2007

April 2, 2012 BLGF MEMORANDUM CIRCULAR NO. 020-12 TO : All Regional Directors for Local Government Finance; Provincial, City and Municipal Assessors, and others Concerned SUBJECT : Guidelines in the Effective Implementation of Local Assessment Regulations (LAR) No. 1-2007 Issued by the Department of Finance (DOF) on Nov. 5, 2007, the Supplemental Regulations for the Effective Implementation of Local Assessment Regulation No. 1-04 also Known as the Manual on Real Property Appraisal and Assessment Operations In view of the issuance of Local Assessment Regulations No. 1-2007, providing supplemental regulations for the effective implementation of Local Assessment Regulation No. 1-04 also known as the Manual on Real Property Appraisal and Assessment Operations (MRPAAO),issued by the Department of Finance (DOF) on November 5, 2007, the following guidelines are hereby issued: 1. Submission of the Proposed Schedule of Market Values (SMVs) All proposed Schedule of Market Values prepared by Local Government Assessors pursuant to Section 212 of Republic Act No. 7160, otherwise known as the Local Government Code of 1991 (LGC) shall be submitted to the following Offices within the period prescribed under LAR No. 1-2007, issued on November 5, 2007: a. BLGF Central Office for LGUs located within Metro Manila Area (MMA) b. BLGF Regional Offices for LGUs located outside Metro Manila Area 2. Upon receipt of the proposed SMVs by the BLGF Central or Regional Offices, the data/information contained in the proposed SMVs as indicated in the prescribed forms enumerated hereunder shall be reviewed as to its compliance with the Manual on Real Property Appraisal and Assessment Operations (MRPAAO),Philippine Valuation Standards (PVS),Mass Appraisal Guidebook (MAG),Laws, Rules and Regulations governing valuation of real properties: TAcDHS GR Form No. 1. Office Order/Schedule of Base Unit Market Values for Residential, Commercial & Industrial Land GR Form No. 2. Criteria for Sub-Classification of Urban Lands GR Form No. 3. Statement of Sales Value of Residential, Commercial and Industrial Lands GR Form No. 4. Tabulation of Sales Value in any Deed of Conveyance offers or auctions of each Class of Residential, Commercial and Industrial Lands GR Form No. 5. Computation for the Unit Base Market Value of Urban Land GR Form No. 6. Schedule of Unit Base Market Value for Agricultural Land GR Form No. 7. Statement of Sales Value of Agricultural Lands GR Form No. 8. Tabulation of Sales Value for each Class of Agricultural Lands GR Form No. 9. Computation for the Unit Base Market Value of Agricultural Lands GR Form No. 10. Schedule of Base Unit Cost for Building (including Classification of Building/Structures and Type of Construction) GR Form No. 11. Schedule of Depreciation GR Form No. 12. Schedule of Unit Cost for Additional Items Computation for Unit Costs of Buildings Miscellaneous Provision or General Provision Land Value Map Data Source 3. The review by the BLGF Offices concerned should be completed within fifteen (15) working days from receipt of the proposed SMVs, using the following pro-forma Reporting System: 1) The different valuation approaches and techniques used in estimating the values indicated in the proposed SMV for the different kinds and classes of real properties. 1.1) Land 1.1.a) Urban - Residential - Commercial - Industrial 1.1.b) Rural - Agricultural - Timber and Forest Land - Mineral 1.2) Buildings and Other Structures 2) Value Ranges (Highest vs. Lowest) and average increase in the values for the different kinds and classes of real properties. SECATH 2.1) Land 2.1.a) Urban - Residential - Commercial - Industrial 2.1.b) Rural - Agricultural - Timber and Forest Land - Mineral 2.2) Buildings and Other Structures Comparison between currently implemented schedule(s) of market values as against the proposed Schedule of Market Values. (By Building Type and Kind; highest-lowest) 3) Findings and Recommendations Note: 1) Findings may mention compliance with the Manual on Real Property Appraisal and Assessment Operations (MRPAAO), Philippine Valuation Standards (PVS), Mass Appraisal Guidebook (MAG), rules and regulations, laws and provisions of the LGC of 1991 pertaining to assessment and appraisal of real properties; statements on whether the increases or decreases as the case may be, are reasonable and warranted. 2) Recommendation shall explicitly cite the reasons why the proposed Schedule of Market Values (SMVs) may or may not be recommended for the enactment of an Ordinance by the Sanggunians concerned pursuant to Sections 212 and 217 of the LGC. The checklist should then be signed by the Reviewer. 4. After the review of the proposed SMVs, the Certification will then be issued correspondingly by: a) BLGF Executive Director (LAR Form No. 1) for LGUs within the MMA; and b) BLGF Regional Directors (LAR Form No. 2) for LGUs outside MMA. to the effect that the proposed SMVs have complied with RA No. 7160, (LGC), the Assessors' Manual, PVS and the MAG. The said certification shall form as a pre-requisite on the submission of the proposed SMVs to the Local Sanggunian concerned. The Provincial, City Assessors are instructed to closely coordinate with the Regional Offices on the status of the SMV submitted to their respective Sanggunian. 5. In case of non-compliance, the BLGF Central Office and the concerned Regional Director shall issue a written advice to the assessors concerned for correction and/or revision/modification of the proposed SMV for re-submission to the respective BLGF office. 6. For validation and counterchecking purposes of the proposed SMVs submitted, and as prescribed under LAR 1-2007, all local assessors are advised to maintain in their respective offices the following supporting documents: 1. Abstract of Registered Real Property Transactions involving sales, transfer, conveyances, leases or mortgages of real property Form No. 3. 2. Abstract Report of Lowest to Highest Recorded Sales of Real Properties Form No. 4. 3. Abstract of Building Permit Form No. 5. 4. Abstract of Certificate of Registration or Installation of Machinery Form No. 6. 5. Status of General Revision of Real Property Assessments and Property Classification Form No. 7. 6. Quarterly Report on Real Property Assessments Form No. 8. In case of Municipal Assessors to maintain and submit copies of the abovementioned documents to the Provincial Assessor concerned for consolidation. The Regional Directors are hereby instructed to disseminate the contents of this Circular, including the attachments to the Provincial/City Assessors within their respective jurisdictions. TDCaSE (SGD.) SALVADOR M. DEL CASTILLO OIC-Executive Director ATTACHMENT DEPARTMENT OF FINANCE LOCAL ASSESSMENT REGULATIONS NO. 1-2007 SUBJECT : Supplemental Regulations for the Effective Implementation of Local Assessment Regulations No. 1-04 dated 01 October 2004 Otherwise Known as the "Manual on Real Property Appraisal and Assessment Operations" and Other Applicable Laws, Rules and Regulations DATE : 05 November 2007 WHEREAS, Section 33 (1) and (2) of Executive Order No. 292, Series of 1987, otherwise known as the "Administrative Code of 1987" provides that the Bureau of Local Government Finance (BLGF) shall "(a)ssist in the formulation and implementation of policies on local government revenue administration and fund management" and "(e)xercise administrative and technical supervision and coordination over the treasury and assessment operations of local governments;" WHEREAS, Section 201 of Republic Act (RA) No. 7160, as amended, otherwise known as the "Local Government Code of 1991," provides that the "Department of Finance shall promulgate the necessary rules and regulations for the classification, appraisal, and assessment of real property;" WHEREAS, Article 291 of the Implementing Rules and Regulations of RA No. 7160 (the "IRR") provides that the Department of Finance shall "exercise the authority to review and examine on continuing basis property, assessment, and real property tax records to ensure the proper implementation of this Rule and determine compliance with existing laws and regulations;" WHEREAS, the Department of Finance issued Assessment Regulations 1-04 dated 01 October 2004, otherwise known as the "Manual on Real Property Appraisal and Assessment Operations" (the "Manual") to provide uniform guidelines in the classification, appraisal and assessment of real property for real property taxation purposes; WHEREAS, pursuant to Section 219 of RA No. 7160, Local Government Units (LGUs) are mandated to undertake a periodic general revision of real property assessments once every (3) years; WHEREAS, pursuant to Section 212 of RA No. 7160, before any general revision of real property assessment is made, there shall be prepared a schedule of fair market values by the assessors for the different classes of real properties situated in their respective LGUs for enactment by ordinance of the Sanggunian concerned; WHEREAS, there is a need to supplement Local Assessment Regulations No. 1-04 dated 01 October 2004 to ensure effective compliance with the foregoing; NOW, THEREFORE, the following regulations are hereby issued: SEC. 1. Coverage. These Regulations shall apply to the BLGF Central and Regional Offices, Provincial, City and Municipal Assessors and Treasurers and others concerned. SEC. 2. Submission of Proposed Schedule of Market Values (SMV). Prior to submission to and enactment into an ordinance by, the concerned Sanggunian, all proposed SMVs prepared by Assessors pursuant to Section 212 of RA No. 7160 shall be submitted to the BLGF Regional Office concerned for review as to compliance with the Manual and other applicable laws, rules and regulations. For LGUs within Metropolitan Manila Area, the proposed SMVs shall be submitted to the BLGF Central Office. TAIaHE SEC. 3. Certification. Within fifteen (15) working days from receipt of the proposed SMV, the BLGF Central and Regional Offices shall issue a certification (LAR No. __ Form Nos. 1 and 2, respectively) to the effect that the proposed SMV shall have complied with the Manual and other applicable laws, rules and regulations. In case of non-compliance, the BLGF shall issue a written advice to the concerned assessor for correction or modification of the proposed SMV for re-submission to the BLGF. The said certification shall be a prerequisite to the submission of the proposed SMV to the Sanggunian concerned. SEC. 4. Maintenance and Submission of Supporting Documents. For review and validation purposes of the proposed SMVs submitted, all assessors shall keep in their respective offices the following: a. Abstract of Real Property Transactions Involving sales, transfers, conveyances, leases, or mortgages of real property as required under Article 300 of the IRR in accordance with the prescribed form provided herein (LAR No. __ Form No. 3) An annual report of the lowest, median and highest sales value of real property covering transactions within the year reported on shall be submitted in a form prescribed herein (LAR No. __ Form No. 4) to the respective BLGF Regional Offices by the assessors concerned on or before 31 January every year. b. Abstract of Building Permit and Certificate of Registration of Machinery All permits or certifications transmitted to the Assessor's office pursuant to Sec. 210 of R.A. 7160 shall be recorded by all assessor in the Abstract of Building Permit (LAR No. __ Form No. 5) and Certificates of Registration or Installation of Machinery as defined under Article 290 (o) of the IRR in a form provided herein (LAR No. __ Form 6). c. Status of General Revision of Real Property Assessment and Property Classification For purposes of monitoring and evaluation, the Provincial, City or Municipal Assessor shall submit to the BLGF a report on the status of general revision of real property assessments and classification in accordance with the form provided herein (LAR No. __ Form 7),conducted by the provinces, cities and municipalities within Metro Manila Area , as the case may be every three (3) years as mandated under Section 219 of RA No. 7160. Such report shall be submitted on or before the end of the quarter following the effectivity of these Regulations. Thereafter, such reports shall be submitted every subsequent general revision. d. Progress Report on Real Property Assessment For purposes of monitoring and policy formulation, Provincial/City Assessors are hereby required to submit a quarterly report on the progress of real property assessment in accordance with the form prescribed herein (LAR No. __ Form 8),to the BLGF Regional Office concerned on or before the 20th day of the month immediately following the quarter reported on. The BLGF Regional Offices shall in turn submit the validated report to the BLGF Central Office on or before the 30th day of the month immediately following the quarter reported on. Likewise, City and Municipal Assessors within Metro Manila Area shall submit the said Progress Report on Real Property Assessment to the BLGF Central Office on or before the 30th day of the month immediately following the quarter reported thereon. SEC. 5. Separability Clause. Should any provision of this Regulation be declared unconstitutional or invalid, the same shall not affect the validity and effectivity of the other provisions hereof. SEC. 6. Repealing Clause. All rules, regulations or orders or parts thereof inconsistent with the provisions of these Regulations are hereby repealed, modified or amended accordingly. SEC. 7. Penal Clause. Failure to comply with the foregoing regulations shall subject the official concerned to any applicable criminal, civil and/or administrative liability under existing laws, rules and regulations. SEC. 8. Effectivity. These Regulations shall take effect immediately after fifteen (15) days from publication in at least two (2) newspapers of general circulation. (SGD.) MARGARITO B. TEVES Secretary Department of Finance GR FORM NO. 1 Republic of the Philippines DEPARTMENT OF FINANCE OFFICE OF THE PROVINCIAL/CITY ASSESSOR Province/City/Municipality of _______________________ OFFICE ORDER NO. __________________ ________________ Date Pursuant to Section 212 of Republic Act No. 7160, otherwise known as the Local Government Code of 1991 and its Implementing Rules and Regulations, the following Schedule of Fair Market Values (Schedule of Base Unit Market Values for Lands and Schedule of Base Unit Construction Cost for Buildings and other Structures) are hereby prescribed as the basis for the classification, appraisal and assessment of real properties located in the City/Municipality of ______________, in connection with the __________ General Revision of Real Property Assessment and Classification mandated under Section 219 of the same code. I. SCHEDULE OF BASE UNIT MARKET VALUES FOR RESIDENTIAL COMMERCIAL AND INDUSTRIAL LANDS 2003 2006 Location, Avenue, Street, etc. Market Value Market Value Sub- per sq.meter per sq.meter classification ABC AVENUE R-1 from Valdez St. to Neptune St. (West Side) From Neptune St. R-2 to Anza St. (East Side) From A. Mendoza St. C-1 to E. Zobel St. XYZ AVENUE C-2 from Angono St. to Zobel St. From E. Zobel St. C-3 to A. Bonifacio St. GR FORM NO. 2 SUB-CLASSIFICATION CRITERIA (Urban Lands) A. COMMERCIAL LANDS I. FIRST CLASS COMMERCIAL LANDS a) Located along concrete road; b) Where the highest trading, social (or educational activities of the City/Municipality take place); c) Where concrete or high grade commercial or business buildings are situated; d) Where vehicular and pedestrian traffic flow are exceptionally busy; e) Apparently commands the highest commercial land value in the city or municipality. acCTSE II. SECOND CLASS COMMERCIAL LANDS a) Along concrete or asphalted road; b) Where trading, social (or educational) activities are considerably high, but fall short from that of the First Class Commercial Lands; c) Where semi-concrete commercial or business buildings are situated; d) Where vehicular and pedestrian traffic flow are considerably busy, but fall short from that of the First Class Commercial Lands; e) Commands lesser value than the First Class Commercial Lands. III. THIRD CLASS COMMERCIAL LANDS a) Along concrete or asphalted road; b) Where trading, social (or educational) activities are significantly less than the Second Class Commercial Lands; c) Where average grade commercial or business buildings are situated; d) Where vehicular and pedestrian traffic follow are fairly busy; e) Commands lesser value than the Second Class Commercial Lands. IV. FOURTH CLASS COMMERCIAL LANDS a) Along all weather road; b) Where trading, social (or educational) activities are significantly low but predominant; c) Where mixed Commercial and Residential buildings are situated; d) Where vehicular and pedestrian traffic flow are regularly less busy; e) Commands lesser value than the Third Class Commercial Lands. B. RESIDENTIAL LANDS I. FIRST CLASS RESIDENTIAL LANDS a) Along concrete road; b) Where high grade apartment or residential buildings are predominantly situated; c) Where public utility transportation facilities are exceptionally regular towards major trading centers; d) Located next to a commercially classified lands; e) Where water, electric, and telephone facilities are available; f) Commands the highest residential land value in the city/municipality; g) Free from squatters. II. SECOND CLASS RESIDENTIAL LANDS a) Along concrete or asphalted road; b) Where semi-high grade apartments or residential buildings are predominantly situated; c) Where public utility transportation facilities are fairly regular towards major trading centers; d) Located next to First Class Residential Lands; e) Where public utility transportation facilities are fairly regular towards major trading centers; f) Commands lesser value than the First Class Residential Lands; g) Free from Squatters. III. THIRD CLASS RESIDENTIAL LANDS a) Along all-weather road; b) Where average grade residential buildings are predominantly situated; c) Where public utility transportation facilities are regular towards major trading centers; d) Located next to Second Class Residential Lands; e) Where water and electric facilities are available; f) Commands lesser value than Second Class Residential Lands. IV. FOURTH CLASS RESIDENTIAL LANDS a) Along all-weather road; b) Where low-grade residential buildings are predominantly situated; c) Located next to Third Class Residential Lands; d) Where public utility transportation facilities are irregular; e) Where water facilities are commonly pump wells; f) Commands Lesser value than Third Class Residential Lands. V. FIFTH CLASS RESIDENTIAL LANDS a) Along all-weather road; b) Where residential buildings are still scarcely constructed; c) Where public water and electric facilities are readily available; d) Farthest residential lands from the trading centers; e) Transportation Facilities are exceptionally irregular; f) Predominantly undeveloped residential area. VI. RESIDENTIAL LAND SUBDIVISIONS Residential Land Subdivisions are classified according to the degree or extent of development and facilities, regardless of location from the trading center of the city/municipality. Therefore, their respective schedule of base market value shall be independently established based from the sales analysis of the lots therein. The unit market value for subdivision lots shall not, under any circumstance, be less than adjoining lands classified in accordance with the above criteria for sub-classification. B. INDUSTRIAL LANDS I. FIRST CLASS INDUSTRIAL LANDS a) Along concrete or asphalted road; b) Located within a distance of not more than 10,000 meters to the major trading centers of the city/municipality; c) Where the vicinity is extensively used for industrial purposes; d) Commands the highest industrial land value in the city/municipality. II. SECOND CLASS INDUSTRIAL LANDS a) Along concrete or asphalted public road, pier, seacoast, or navigable river; b) Located within a distance of more than 10,000 meters but not beyond 50,000 meters to the major trading centers of the city/municipality; c) Where the vicinity is extensively used for industrial purposes; d) Commands lesser land value than first class Industrial Lands. III. THIRD CLASS INDUSTRIAL LANDS a) Located more than 50,000 meters to the major trading centers of the city or municipality; b) Where the vicinity is extremely used for industrial purposes; c) Commands lesser land value than Second Class Industrial Lands. GR FORM NO. 3 Statement of Sales Values of Residential, Commercial & Industrial Lands GR FORM NO. 4 Tabulations of Sales Values for Each Class of Residential, Commercial & Industrial Lands Taken from GR Form No. 3 LAND: _____________________________ (Residential, Commercial, Industrial) CLASS: _________ Year of Tax Declaration Lot Number Unit Sales Adjusted Unit Transaction or Index Number Value Sales Value (1) (2) (3) (4) (5) __________ ________________ ____________ ______________ ____________ __________ ________________ ____________ ______________ ____________ __________ ________________ ____________ ______________ ____________ __________ ________________ ____________ ______________ ____________ __________ ________________ ____________ ______________ ____________ __________ ________________ ____________ ______________ ____________ __________ ________________ ____________ ______________ ____________ __________ ________________ ____________ ______________ ____________ Prepared by: Checked by: NOTED by: _______________ __________________ ___________________ (Prov/City Assessor) GR FORM NO. 5 COMPUTATION FOR THE UNIT BASE MARKET VALUE For each Sub-Classes of URBAN LANDS LAND: __________________________ (Residential/Commercial/Industrial) Sub Class Unit Value 1st ________ 2nd ________ 3rd ________ etc. ________ Note: Urban Land should be classified into first, second, third, or more classes. It is recommended that the assessor or appraiser may refer from the sample guides provided for under the Mass Appraisal Guidebook (MAG) in computing/estimating the Unit Values for each respective Sub-Classes. AaDSEC The same process shall be followed in determining the Unit Base Market Value of other classes. GR FORM NO. 6 II. SCHEDULE OF BASE UNIT MARKET VALUES FOR AGRICULTURAL LANDS LANDS: Class and Base Unit Market Value (Per Hectare) 1st 2nd 3rd 4th ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ PRODUCTIVITY CLASSIFICATION: (1) RICE LAND, IRRIGATED: 1st Class Lands capable of producing _____ cavanes of palay annually per hectare. 2nd Class Lands capable of producing _____ to ______ cavanes of palay annually per hectare 3rd Class Lands capable of producing ____ to _____ cavanes of palay annually per hectare. 4th Class Lands capable of producing less than ____ cavanes of palay annually per hectare. GR FORM NO. 7 Statement of Sales Values of Agricultural Lands GR FORM NO. 8 Tabulation of Sales Values for Each Class of Agricultural Land Taken from GR Form No. 7 GR FORM NO. 9 COMPUTATION FOR THE UNIT BASE MARKET VALUE AGRICULTURAL LANDS LAND: _______________________________ (Rice irrig.,corn, etc.) Sub Class Unit Value 1st ________ 2nd ________ 3rd ________ etc. ________ Note: Agricultural Land should be classified into first, second, third, or more classes. It is recommended that the assessor or appraiser may refer from the sample guides provided for under the Mass Appraisal Guidebook (MAG) in computing/estimating the Unit Values for each respective Sub-Classes. The same process shall be followed in determining the Unit Base Market Value of other agricultural lands. GR FORM NO. 10 SCHEDULE OF BASE UNIT CONSTRUCTION COST FOR BUILDINGS A. BASE UNIT VALUE GR FORM NO. 11 B. SCHEDULE OF DEPRECIATION 1st 2nd 3rd 4th 5th Residential 5 5 5 5 5 Value Years Years Years Years Years P.A 1-A _______ _______ _______ _______ _______ _______ 1-B P.A _______ _______ _______ _______ _______ _______ 1-C P.A _______ _______ _______ _______ _______ _______ II-A P.A _______ _______ _______ _______ _______ _______ II-B P.A _______ _______ _______ _______ _______ _______ II-C P.A _______ _______ _______ _______ _______ _______ III-A-B P.A _______ _______ _______ _______ _______ _______ III-C-D P.A + _______ _______ _______ _______ _______ _______ IV _______ _______ _______ _______ _______ _______ In the excess of the above rate of annual depreciation, bigger rate may be granted for extraordinary causes, if properly presented and described as in the case of the following: 1. Damage due to catastrophy (earthquake, fire, deluge) 2. Heavily damaged due to pest (termite, anay or pest) 3. Established defects of construction 4. Obsolescence GR FORM NO. 12 C. EXTRA ITEMS AS COMPONENT PARTS OF BUILDINGS: 1. Carport ___ % of Base Unit Construction Cost (BUCC) 2. Mezzanine ___ % BUCC plus additional cost for finishing 3. Porch ___ % BUCC plus additional cost for finishing 4. Balcony ___ % of BUCC plus additional cost for finishing 5. Garage ___ % of Base Unit Value 6. Terrace: Covered ___ % of BUCC plus additional cost for finishing. Open ___ % of BUCC plus additional cost for finishing. 7. Roof Deck: Penthouse ___ % of BUCC plus additional cost for finishing. Covered ___ % of BUCC plus additional cost for finishing. 8. Basement: Residential ___ % of BUCC plus additional cost for finishing. High Rise-Bldg. plus ___ % of BUCC plus additional cost for finishing. 9. Pavement Tennis Court P___ per sq. meter Concrete ____ per sq. meter 10 cm. thick per sq. meter 15 cm. thick per sq. meter 20 cm. thick per sq. meter 10. Floor Finishings Marble Slabs per sq. meter Marble Tiles per sq. meter Narra per sq. meter Narra/Fancy Wood Tiles per sq. meter Ordinary Wood Tiles per sq. meter Vinyl Tiles per sq. meter Washout Pebbles per sq. meter Unglazed Tiles per sq. meter Granite per sq. meter 11. Special glass panels/ per sq. meter sidings (b) n CHB Fence With Steel Gate per sq. meter With Finishing per sq. meter With Iron Grills per sq. meter 12. Wallings: a) Use the same rate of the floor finishings in a, b, c, and I, as indicated above b) Double walling (Ordinary Plywood) c) Double Walling (Narra Panelling) d) Glazed White Tiles e) Glazed Color Tiles f) Fancy Tiles g) Synthetic Rubble h) Bricks 13. Ceiling: (below Concrete Floor) a) Ordinary Plywood b) Luminous Ceiling c) Acoustic d) Special Finish 14. Excess Heights: a) Residential and Commercial b) Bodega and Factory 15. Extra T&B Ordinary Finish 16. Foundation 17. Piles 18. Painting 19. Second-Hand Materials LAR No. 1-2007 Form No. 1 CERTIFICATION This is to certify that the Proposed Schedule of Market Value (SMV) submitted by (name of assessor),(City/Mun. of _______),complies with Local Assessment Regulations No. 1-04 dated October 1, 2004, otherwise known as the Manual on Real Property Appraisal and Assessment Operations. Issued on this ___ day of _________, 20_, at ________________ pursuant to Local Assessment Regulations No. ______, dated __________. _____________________ Executive Director LAR No. 1-2007 Form No. 2 CERTIFICATION This is to certify that the Proposed Schedule of Market Value (SMV) submitted by (name of assessor),(Province/City of _______),complies with Local Assessment Regulations No. 1-04 dated October 1, 2004, otherwise known as the Manual on Real Property Appraisal and Assessment Operations. Issued on this ___ day of _________, 200_, at ________________ pursuant to Local Assessment Regulations No. ______, dated __________. _____________________ Regional Director LAR No. 1-2007 Form No. 3 Abstract of Registered Real Property Transactions LAR No. 1-2007 Form No. 4 Annual Report of Lowest to Highest Recorded Sales of Real Properties LAR No. 1-2007 Form No. 5 Abstract of Building Permit LAR No. 1-2007 Form No. 6 Abstract of Certificate of Registration or Installation of Machinery LAR No. 1-2007 Form No. 7 Status of General Revision of Real Property Assessments and Property Classification LAR No. 1-2007 Form No. 8 Quarterly Report on Real Property Assessment n Note from the Publisher: Copied verbatim from the official copy. Missing Item (a).