Definition of Terms and Classification Legend

March 26, 1987 ZONAL VALUATION REVENUE DISTRICT OFFICE NOS. 32 (EAST MAKATI) AND 32-A (WEST MAKATI) IMPLEMENTATION OF THE ZONAL VALUES OF REAL PROPERTIES IN THE MUNICIPALITY OF MAKATI 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 A Agricultural Land I Industrial X Institutional Certain Guidelines in the Implementation of Zonal Values of Real Properties for RDO 32 East Makati and RDO 32A West Makati 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. No previous sale of property in a particular street(s) within the same barangay . Where a street in any barangay does not appear in the list of streets with approved zonal land values, the approved zonal values of lands with the same classification in other streets within the same vicinity in the barangay shall apply. 4. 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 . 5. 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 Makati classified as capital assets, including "pacto de retro" sales and other forms of conditional sales, by individuals, 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 value 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.