Definition of Terms and Classification of Legend

October 16, 2014 ZONAL VALUATION REVENUE DISTRICT OFFICE NO. 02 BANTAY, ILOCOS SUR IMPLEMENTATION OF THE REVISED ZONAL VALUES OF REAL PROPERTIES IN THE CITIES OF VIGAN AND CANDON, AND THE MUNICIPALITIES OF ALILEM, BANAYOYO, BANTAY, BURGOS, CABUGAO, CAOAYAN, CERVANTES, GALIMUYOD, GREGORIO DEL PILAR, LIDLIDDA, MAGSINGAL, NAGBUKEL, NARVACAN, QUIRINO, SALCEDO, SAN EMILIO, SAN ESTEBAN, SAN ILDEFONSO, SAN JUAN LAPOG, SAN VICENTE, SANTA, SANTA CATALINA, SANTA CRUZ, SANTA LUCIA, SANTA MARIA, SANTIAGO, SANTO DOMINGO, SIGAY, SINAIT, SUGPON, SUYO AND TAGUDIN, ALL IN THE PROVINCE OF ILOCOS SUR AND WITHIN THE JURISDICTION OF REVENUE DISTRICT OFFICE NO. 02-BANTAY, ILOCOS SUR, REVENUE REGION NO. 1 CALASIAO, PANGASINAN FOR REVENUE TAX PURPOSES DEFINITION OF TERMS Residential Land/Building Principally Devoted to Habitation Commercial Land/Building Devoted Principally to Commercial Purposes and Generally for the Object of Profit Industrial Devoted Principally to Industry as Capital Agricultural Devoted Principally to Raising of Crop Such as Rice, Corn, Sugarcane, Tobacco, etc. or to Pasturing, Dairying, Inland Fishing, Salt-Making, and Other Agricultural Uses Including Timberland and Forest Land General Purpose Rawland, Undeveloped and Underdeveloped Area Which Has Potential for Development into Residential, Commercial, Industrial, Institutional, etc. Must Not Be Less Than 5,000 Square Meters Vicinity Means an Area, Locality, Neighborhood or District About, Near, Adjacent Proximate or Contiguous to a Street Being Located CLASSIFICATION LEGEND: Code Classification RR Residential Regular CR Commercial Regular RC Residential Condominium CC Commercial Condominium A Agricultural CL Cemetery Lot GL Government Land GP General Purpose I Industrial X Institutional APD Area for Priority Development PS Parking Lot AGRICULTURAL LANDS A1 Riceland Irrigated A2 Riceland Unirrigated A3 Upland A4 Coco Land A5 Citrus Land A6 Fishpond A7 Swamp A8 Nipa Land A9 Cotton Land A10 Cogon A11 Abaca Land A12 Orchard A13 Pineapple Land A14 Banana Land A15 Pasture Land A16 Corn Land A17 Sugar Land A18 Tobacco Land A19 Cacao A20 Lanzones A21 Durian A22 Rambutan A23 Mango A24 Mangrove A25 Camote/Cassava A26 Bamboo Land A27 Peanut Land A28 Soy beans Land A29 Grape vineyard A30 Pepper Land A31 Mineral Land A32 Non Metallic Mineral Land A33 Coal Deposit A34 African Oil Land A35 Rubber Land A36 Forest Land/Timber Land A37 Horticultural Land A38 Salt Beds A39 Seashore A40 Resort A41 Sandy/Stony A42 Prawn pond A43 Sorghum A44 Ipil-ipil A45 Kangkong A46 Zacate A47 Vegetable Land A48 Coffee A49 Mountainous/Hilly Areas A50 Other Agricultural Lands CERTAIN GUIDELINES IN THE IMPLEMENTATION OF ZONAL VALUATION OF REAL PROPERTIES FOR RDO NO. 2, VIGAN, ILOCOS SUR 1. NO ZONAL VALUE HAS BEEN PRESCRIBED FOR A PARTICULAR CLASSIFICATION OF REAL PROPERTY. WHERE IN THE APPROVED SCHEDULE OF ZONAL VALUES FOR A PARTICULAR BARANGAY A) NO ZONAL VALUE HAS PRESCRIBED FOR A PARTICULAR CLASSIFICATION IN A PARTICULAR STREET/SUBDIVISION IN A BARANGAY, THE ZONAL VALUE PRESCRIBED FOR THE SAME CLASSIFICATION OF REAL PROPERTY LOCATED IN THE OTHER STREET/SUBDIVISION WITHIN THE SAME BARANGAY OF SIMILAR CONDITIONS SHALL BE USED; AND B) NO ZONAL VALUE HAS BEEN PRESCRIBED FOR A PARTICULAR CLASSIFICATION OF REAL PROPERTY IN ONE BARANGAY, THE ZONAL VALUE PRESCRIBED FOR THE SAME CLASSIFICATION OF REAL PROPERTY LOCATED IN AN ADJACENT BARANGAY OF SIMILAR CONDITIONS SHALL BE USED. 2. PREDOMINANT USE OF PROPERTY. A) ALL REAL PROPERTIES, REGARDLESS OF ACTUAL USE, LOCATED IN A STREET/BARANGAY/ZONE, THE USE OF WHICH ARE PREDOMINANTLY COMMERCIAL SHALL BE CLASSIFIED AS "COMMERCIAL" FOR PURPOSES OF ZONAL VALUATION. B) THE PREDOMINANT USE OF OTHER CLASSIFICATION OF PROPERTIES LOCATED IN A STREET/BARANGAY/ZONE, REGARDLESS OF ACTUAL USE SHALL BE CONSIDERED FOR PURPOSES OF ZONAL VALUATION. 3. ZONAL VALUES OF CONDOMINIUM UNIT/TOWNHOUSE: IF THE TITLE OF A PARTICULAR CONDOMINIUM UNIT/TOWNHOUSE IS A) A CONDOMINIUM CERTIFICATE OF TITLE (CCT), THE ZONAL VALUE OF THE LAND AND THE IMPROVEMENTS SHALL BE TREATED AS ONE; OR B) A TRANSFER CERTIFICATE OF TITLE (TCT), THE LAND AND THE IMPROVEMENT SHALL BE GIVEN SEPARATE VALUES; THE GROUND FLOOR OF A RESIDENTIAL CONDOMINIUM SHALL BE CLASSIFIED AS COMMERCIAL AND TWENTY (20%) OF THE ESTABLISHED VALUE SHALL BE ADDED THERETO. 4. AREAS FOR PRIORITY DEVELOPMENT (APD). THESE ARE AREAS IDENTIFIED AS AREAS FOR PRIORITY DEVELOPMENT CERTIFIED TO AS SUCH BY THE HOUSING AND LAND USE REGULATORY BOARD (HLURB). IF IT IS UTILIZED FOR SOCIALIZED HOUSING, IT SHALL BE CERTIFIED TO AS SUCH BY THE PROPER GOVERNMENT AGENCY SUCH AS, PRESIDENTIAL COMMISSION ON URBAN POOR (PCUP), NATIONAL HOUSING AUTHORITY (NHA), ETC. 5. ZONAL VALUE OR FMV ESTABLISHED IN THE SCHEDULE OF VALUES OF ASSESSORS: THE ZONAL VALUES ESTABLISHED HEREIN SHALL APPLY IN COMPUTING ALL INTERNAL REVENUE TAXES PROVIDED THAT THE CAPITAL GAINS TAX FROM SALES, EXCHANGE, OR OTHER DISPOSITIONS OF REAL PROPERTY CLASSIFIED AS CAPITAL ASSETS, INCLUDING "PACTO DE RETRO" SALES AND OTHER FORMS OF CONDITIONAL SALES, BY INDIVIDUALS, ESTATE AND TRUSTS, SHALL BE TAXED AT THE RATE OF FIVE PERCENT (5%) BASED ON GROSS SELLING PRICE, IF THE CONSIDERATION IS HIGHER THAN THE ZONAL VALUES HEREIN ESTABLISHED. PROVIDED, HOWEVER, THAT THE VALUE OF THE PROPERTY TO BE USED IN COMPUTING ALL INTERNAL REVENUE TAXES SHALL BE (1) THE FAIR MARKET VALUE AS DETERMINED BY THE COMMISSIONER OF INTERNAL REVENUE ( i.e. , ZONAL VALUES) OR (2) THE FAIR MARKET VALUE AS SHOWN IN THE SCHEDULE OF VALUES OF THE PROVINCIAL/CITY/MUNICIPAL ASSESSORS, WHICHEVER IS HIGHER.