Implementation of the Zonal Values of Real Properties in the Municipalities of Mandaluyong and San Juan, for Internal Revenue Tax Purposes

April 26, 1988 ZONAL VALUATION REVENUE DISTRICT OFFICE NO. 41 MANDALUYONG CITY (Formerly RDO No. 31 Mandaluyong-San Juan) IMPLEMENTATION OF THE ZONAL VALUES OF REAL PROPERTIES IN THE MUNICIPALITIES OF MANDALUYONG AND SAN JUAN, FOR INTERNAL 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. Vicinity Means an Area, Locality, Neighborhood or District About, Near, Adjacent Proximate or Contiguous to a Street Being Located. CLASSIFICATION LEGEND: RR Residential Regular RC Residential Condominium CR Commercial Regular APD Area for Priority Development CC Commercial Condominium I Industrial X Institutional A Agricultural Certain Guidelines in the Implementation of Zonal Valuation of Real Properties for RDO No. 41 Mandaluyong City (Formerly RDO No. 31 Mandaluyong/San Juan) 1. No previous sale of property of a particular classification. Where in the approved listing of zonal values, no zonal value has been prescribed for a particular other classification of real property, 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 effected, the approved zonal value of a similarly situated property in an 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. All real properties, regardless of actual use, located in zones classified as "commercial" shall considered as "commercial" for purposes of zonal valuation. 5. Values of condominiums and 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 CCT or condominium certificate of title. However, if the title is a TCT or transfer certificate of title, land and improvements shall be given separate values. The ground floor of a condominium shall be classified as commercial and 20% of the established value shall be added thereto. 6. Area for Priority Development (APD). All areas for Priority Development are valued at P500. 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 provided that the capital gains tax from sales, exchanges, or other dispositions of real property located in San Juan/Mandaluyong, classified as capital assets including "pacto de retro" sales an other forms of conditional sales, by individual, estates and trusts, shall be taxed at the rate of 5% based on the 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 and city assessors, whichever is higher.