Initial Zonal Values of Real Properties in the Municipalities Under RDO No. 100 — Ozamis City

January 15, 1999 DOF DEPARTMENT ORDER NO. 035-99 ( Declared Superseded by D.O. 29-16) SUBJECT : Implementation of the Initial Zonal Values of Real Properties in the Municipalities of Aloran, Baliangao, Bonifacio, Calamba, Clarin, Concepcion, Don Victoriano, Jimenez, Lopez Jaena, Pana-on, Plaridel, Sapang Dalaga, Sinacaban and Tudela, Misamis Occidental under Revenue District No. 100 Ozamis City, Revenue Region No. 16 (Cagayan de Oro City) for Internal Revenue Tax Purposes TO : All Internal Revenue Officers and Others Concerned Section 6 (E) of the 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 (initial) located in the municipalities of Aloran, Baliangao, Bonifacio, Calamba, Clarin, Concepcion, Don Victoriano, Jimenez, Lopez Jaena, Pana-on, Plaridel, Sapang Dalaga, Sinacaban and Tudela, Misamis Occidental under the jurisdiction of Revenue District Office No. 100 (Ozamis City), Revenue Region No. 16 (Cagayan de Oro City) after public hearing was conducted on September 1, 1997 for the purpose. This Order is issued to implement the initial zonal values for land to be used in computing any internal revenue tax. In case the gross selling price or the market value as shown in the schedule of values of the provincial or city assessor is higher than the zonal value established herein, such values shall be used as basis for computing the internal revenue tax. This Order shall take effect immediately. (SGD.) EDGARDO B. ESPIRITU Secretary of Finance RECOMMENDED BY: (SGD.) BEETHOVEN L. RUALO Commissioner of Internal Revenue