Definition of Terms Classification of Legends and Agricultural Lands

April 7, 1999 ZONAL VALUATION REVENUE DISTRICT OFFICE NO. 111 KORONADAL, SOUTH COTABATO 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. 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 APD Area for Priority Development GL Government Land GP General Purposes I Industrial X Institutional AGRICULTURAL LANDS A1 Riceland Irrigated A2 Riceland Unirregated A3 Upland A4 Coco Land A5 Citrus Land A6 Fishpond A7 Swamp A8 Nipa Land A9 Cotton Land A10 Cogon A11 Abaca land 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 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 RDO NO. 111 KORONADAL, SOUTH COTABATO 1. NO ZONAL VALUE HAS BEEN PRESCRIBED FOR A PARTICULAR CLASSIFICATION. WHERE IN THE APPROVED SCHEDULE OF ZONAL VALUES FOR (VARIOUS CLASSIFICATIONS OF REAL PROPERTY), NO VALUE HAS BEEN PRESCRIBED FOR A PARTICULAR CLASSIFICATION, THE ZONAL VALUE PRESCRIBED FOR THE SAME CLASS OF REAL PROPERTY LOCATED IN THE ADJACENT BARANGAY OF SIMILAR CONDITIONS SHALL BE USED. 2. NO PREVIOUS SALE OF PROPERTY OF ANY CLASSIFICATION. IN A BARANGAY WHERE NO SALE, EXCHANGE OR OTHER DISPOSITION OF LAND HAS BEEN AFFECTED, THE APPROVED ZONAL VALUE OF A SIMILARLY SITUATED PROPERTY IN ADJACENT BARANGAY OF SIMILAR CONDITIONS, SHALL BE USED. 3. DIVISION OF A BARANGAY. IN THE EVENT THAT AN EXISTING BARANGAY IS DIVIDED INTO TWO OR MORE BARANGAYS, THE ZONAL VALUES PRESCRIBED FOR THE EXISTING BARANGAY SHALL BE USED FOR THE NEWLY-CREATED BARANGAY. 4. COMMERCIAL-PREDOMINANT USE OF PROPERTY. ALL REAL PROPERTIES, REGARDLESS OF ACTUAL USE, LOCATED IN A STREET/BARANGAY/ZONE, THE USE OF WHICH ARE PREDOMINANTLY "COMMERCIAL" SHALL BE CONSIDERED AS "COMMERCIAL" FOR PURPOSES OF ZONAL VALUATION. 5. VALUES OF CONDOMINIUMS AN TOWNHOUSES. IN DETERMINING OR ARRIVING AT THE ZONAL VALUES FOR CONDOMINIUMS AND TOWNHOUSES, THE VALUE OF THE LAND AS WELL AS THE VALUE OF THE BUILDING SHALL BE TREATED AS ONE, IF THE TITLE IS A CONDOMINIUM CERTIFICATE OF TITLE (CCT). HOWEVER, IF THE TITLE IS TRANSFER CERTIFICATE OF TITLE (TCT), THE LAND AND IMPROVEMENT SHALL BE GIVEN SEPARATE VALUES. THE GROUND FLOOR OF THE RESIDENTIAL CONDOMINIUM SHALL BE CLASSIFIED AS COMMERCIAL AND TWENTY PERCENT (20%) OF THE ESTABLISHED VALUE SHALL BE ADDED THERETO. 6. AREA 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 E.G., HOUSING AND LAND-USE REGULATORY BOARD (HLURB), PRESIDENTIAL COMMISSION ON URBAN POOR (PCUP), NATIONAL HOUSING AUTHORITY (NHA), ETC. 7. 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 (i.e. CAPITAL GAINS, CREDITABLE WITHHOLDING, ESTATE, DONOR'S AND DOCUMENTARY STAMP TAXES) DUE ON SALES, EXCHANGES, OR OTHER DISPOSITIONS OF REAL PROPERTY CLASSIFIED AS CAPITAL ASSETS, INCLUDING "PACTO DE RETRO" SALES AND OTHER FORMS OF CONDITIONAL SALES, BY INDIVIDUALS, ESTATES AND TRUSTS, AND CORPORATIONS SHALL BE TAXED AT THE RATE OF SIX PERCENT (6%) BASED ON THE GROSS SELLING PRICE, OR CURRENT FAIR MARKET VALUE AS DETERMINED IN ACCORDANCE WITH SEC. 6(E) OF THE TAX REFORM OF 1997, WHICH AMENDED SEC. 16 (E) OF THE NATIONAL INTERNAL REVENUE CODE (NIRC) OF 1977, SEC 6(E) PROVIDES THAT THE BASIS OF INTERNAL REVENUE TAXES SHALL BE WHICHEVER IS THE HIGHER OF 1. THE FAIR MARKET VALUE AS DETERMINED BY THE COMMISSIONER, OR 2. THE FAIR MARKET VALUE AS SHOWN IN THE SCHEDULE OF VALUES OF THE PROVINCIAL AND CITY ASSESSOR.