Revised Schedule of Market Values as Determined by the Commissioner (Zonal Values) for Real Properties in Tagaytay City

July 23, 2007 DOF DEPARTMENT ORDER NO. 038-07 ( Declared Superseded by D.O. 29-16) SUBJECT : Implementation of the Revised Schedule of Market Values as Determined by the Commissioner (Zonal Values) for Real Properties in Tagaytay City (3rd Revision) Under the Jurisdiction of Revenue District Office No. 54 - Trece Martirez City, Revenue Region No. 09 - San Pablo City, Laguna 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 market values (zonal values) of real properties (3rd Revision) in the City of Tagaytay under the jurisdiction of Revenue District Office No. 54 - Trece Martirez City, Revenue Region No. 09 - San Pablo City, Laguna after public hearing was conducted on February 28, 2007 for the purpose. This Order is issued to implement the revised market/zonal values to be used in computing any internal revenue tax. In cases where 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 market/zonal value established herein, such values shall be used as basis for computing the internal revenue tax. This Order shall take effect immediately. MARGARITO B. TEVES Secretary of Finance RECOMMENDED BY: (SGD.) LILIAN B. HEFTI OIC-Commissioner of Internal Revenue Published in The Manila Times on October 6, 2007.