Revised Zonal Values of Real Properties in Legazpi City and All Municipalities of Albay Under RDO No. 67-Legazpi City

February 6, 2009 DOF DEPARTMENT ORDER NO. 009-09 SUBJECT : Implementation of the Revised Zonal Values of Real Properties in the City of Legazpi and All Municipalities of Albay Under the Jurisdiction of Revenue District Office No. 67-Legazpi City for Internal Revenue Tax Purposes TO : All Internal Revenue Officers and Others Concerned Section 6 (E) of Republic Act No. 8424, otherwise known as the "Tax Reform Act of 1997", authorizes the Commissioner of Internal Revenue to divide the Philippines into different zones or areas and determine for internal revenue tax purposes, the fair market value of the real properties located in each zone or area upon consultation with competent appraisers both from private and public sectors. By virtue of said authority, the Commissioner of Internal Revenue has determined the zonal values of real properties located in the City of Legazpi (3RD revision) and all municipalities of Albay (1ST revision) within the jurisdiction of Revenue District Office No. 67-Legazpi City, Revenue Region No. 10-Legazpi City after public hearing was conducted on February 11, 2005. This Order is issued to implement the revised zonal values of real properties for the purpose of computing any internal revenue tax due on sales/transfer or any other disposition of real properties. SIcEHD The zonal value established herein shall apply provided the same is higher than (1) the fair market value as shown in the schedule of values of the provincial or city assessor and (2) the gross selling price/consideration as shown in the duly notarized document of sale or transfer of real property. This order shall take effect immediately. (SGD.) MARGARITO B. TEVES Secretary of Finance RECOMMENDED BY: SIXTO S. ESQUIVIAS IV Commissioner of Internal Revenue