An Ordinance Amending Sub-Section (B), Section 1 under Article V (Assessment Level) of City Ordinance No. 2K8-266

November 23, 2010 PAGADIAN CITY ORDINANCE NO. 316-10 AN ORDINANCE AMENDING SUB-SECTION (B), SECTION 1 UNDER ARTICLE V (ASSESSMENT LEVEL) OF CITY ORDINANCE NO. 2K8-266, ENTITLED: "AN ORDINANCE PRESCRIBING THE REVISED SCHEDULE OF MARKET VALUES, THE ASSESSMENT LEVELS AND THE CLASSIFICATION OF REAL PROPERTIES SITUATED IN THE CITY OF PAGADIAN FOR USE DURING THE 2008 GENERAL REVISION OF REAL PROPERTY ASSESSMENT PURSUANT TO SECTIONS 212 AND 219 OF R.A. 7160 AND FOR USE IN ASSESSMENT AND REASSESSMENT OF REAL PROPERTY UNITS AND FOR OTHER PURPOSES" Sponsor: Honorable Eric L. Bersales Be it ordained by the Sangguniang Panlungsod (10th City Council) of Pagadian City in session assembled, that: SECTION 1. Sub-section (b) (on buildings and other structures) of Section 1 (Assessment Level) under Article V of City Ordinance No. 2k8-266 is hereby modified as follows: cDSAEI b) On Buildings and Other Structures: 1) Residential, Fair Market Value: Over Not Over Assessment Level 175,000.00 0% 175,000.00 300,000.00 10% 300,000.00 500,000.00 15% 500,000,00 750,000.00 20% 750,000.00 1,000,000.00 25% 1,000,000.00 2,000,000.00 30% 2,000,000.00 5,000,000.00 35% 5,000,000.00 10,000,000.00 40% 10,000,000.00 45% 2) Agricultural, Fair Market Value: Over Not Over Assessment Levels 300,000.00 25% 300,000.00 500,000.00 30% 500,000.00 750,000.00 35% 750,000.00 1,000,000.00 40% 1,000,000.00 2,000,000.00 45% 2,000,000.00 50% 3) Commercial/Industrial, Fair Market Value: Over Not Over Assessment Levels 500,000.00 30% 500,000.00 2,000,000.00 35% 2,000,000.00 5,000,000.00 40% 5,000,000.00 15,000,000.00 45% 15,000,000.00 30,000,000.00 50% 30,000,000.00 60,000,000.00 55% 60,000,000.00 100,000,000.00 60% 100,000,000.00 80% 4) Timberland, Fair Market Value: Over Not Over Assessment Levels 300,000.00 45% 300,000.00 500,000.00 50% 500,000.00 750,000.00 55% 750,000.00 1,000,000.00 60% 1,000,000.00 2,000,000.00 65% 2,000,000.00 70% SECTION 2. Repealing Clause . All existing ordinance or parts thereof contrary or inconsistent herewith are hereby repealed or modified accordingly. SECTION 3. Effectivity . This Ordinance shall take effect immediately upon its approval. ENACTED AND APPROVED by the 10th City Council of Pagadian City during its 18th Regular Session held on November 23, 2010 at the Sangguniang Panlungsod Session Hall. (SGD.) JEREMIAS H. SALDUA Secretary to the Sangguniang Panlungsod Verified: (SGD.) FRANK JEFFERSON L. VILLEGAS SP Member, Floor Leader Attested: (SGD.) ROMEO P. PULMONES Vice Mayor/Presiding Officer Approved: (SGD.) SAMUEL S. CO City Mayor Date: _____________ Certified Photocopy of the Original on File: (SGD.) ENGR. JOSEPH ISAIAS M. QUIPOT VI City Assessor