Zonal Values of Real Properties in Lipa City, RDO No. 38-A (Lipa City)

June 8, 1993 DOF DEPARTMENT ORDER NO. 122-93 ( Superseded by D.O. 26-16) SUBJECT : Implementation of the Zonal Values of Real Properties in Lipa City, Revenue District Office No. 32-A (Lipa City), Revenue Region No. 4-C, San Pablo City for Internal Revenue Tax Purposes. TO : All Internal Revenue Officers and Others Concerned. Section 16 (e) of the Tax Code as amended by Presidential Decree No. 1994, 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. By virtue of said authority, the Commissioner of Internal Revenue has determined the zonal values of real properties located in Lipa City under jurisdiction of Revenue District Office No. 38-A (Lipa City), Revenue Region No. 4-C (San Pablo City) after a public hearing was conducted on October 23, 1991 for the purpose. This Order is issued to implement zonal values for land and improvements in the case of condominiums/townhouses, commercial and industrial buildings as shown in Annex "A" hereof 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.) ERNEST C. LEUNG Acting Secretary (SGD.) VICTOR A. DEOFERIO, JR. Deputy Commissioner Officer-in-Charge