Definition of Terms and Classification Legend

February 7, 2003 ZONAL VALUATION REVENUE DISTRICT OFFICE NO. 41 MANDALUYONG CITY 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: 'RR' - RESIDENTIAL REGULAR 'A' - AGRICULTURAL 'RC' RESIDENTIAL CONDOMINIUM 'I' - INDUSTRIAL 'CR' - COMMERCIAL REGULAR 'X' - INSTITUTIONAL 'CC' - COMMERCIAL CONDOMINIUM 'GL' - GOVERNMENT LAND 'APD' - AREA FOR PRIORITY DEVELOPMENT 'GP' - GENERAL PURPOSE CERTAIN GUIDELINES IN THE IMPLEMENTATION OF ZONAL VALUATION OF REAL PROPERTIES FOR RDO NO. 41, MANDALUYONG CITY 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 BEEN 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 A 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 IMPROVEMENT SHALL BE GIVEN SEPARATE VALUES, i.e. ZONAL VALUE/GROSS SELLING PRICE/FAIR MARKET VALUE PER LATEST TAX DECLARATION WHICHEVER IS HIGHER AND, IN THE ABSENCE OF ZONAL VALUATION, PROPERTY SHALL BE VALUED PURSUANT TO RAMO 2-91. THE GROUND FLOOR OF THE RESIDENTIAL CONDOMINIUM SHALL BE CLASSIFIED AS COMMERCIAL AND TWENTY PERCENT (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 (HLRB). 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. SECOND SALE OF LOT IDENTIFIED AS LOCATED IN THE APD SHALL NO LONGER BE VALUED AS AN APD AND SHALL BE TREATED AS AN ORDINARY REAL PROPERTY. 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 (i.e. CAPITAL GAINS, CREDITABLE WITHHOLDING, ESTATE, DONOR'S, AND DOCUMENTARY STAMP TAXES) DUE ON SALES, EXCHANGES, OR OTHER DISPOSITIONS OF REAL PROPERTY. PROVIDED THAT THE SAME IS HIGHER THAN (1) THE FAIR MARKET VALUE AS SHOWN IN THE SCHEDULE OF VALUES OF THE PROVINCIAL AND CITY ASSESSORS (i.e. LATEST TAX DECLARATION) AND (2) THE GROSS SELLING PRICE AS SHOWN IN THE DULY NOTARIZED DOCUMENT OF SALE OR EXCHANGE AT THE TIME OF SALE OR EXCHANGE. PROVIDED, HOWEVER, THAT THE VALUE OF THE PROPERTY TO BE USED IN COMPUTING ESTATE AND DONOR'S 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 VALUES AS SHOWN IN THE SCHEDULE OF VALUES OF THE PROVINCIAL/CITY/MUNICIPAL ASSESSOR, WHICHEVER IS HIGHER.