West Makati

June 6, 1997 January 13, 1998 ZONAL VALUATION REVENUE DISTRICT OFFICE NO. 48 WEST MAKATI (5TH REVISION) REVISED ZONAL VALUES OF REAL PROPERTIES IN THE CITY OF MAKATI UNDER THE JURISDICTION OF REVENUE DISTRICT OFFICE NO. 48-WEST MAKATI FOR INTERNAL REVENUE TAX PURPOSES I. APPROVAL BY THE TECHNICAL COMMITTEE ON REAL PROPERTY VALUATION JUNE 6, 1997 II. PUBLIC HEARING JANUARY 15, 1997 III. APPROVAL BY THE EXECUTIVE COMMITTEE ON REAL PROPERTY VALUATION JUNE 6, 1997 IV. DEPARTMENT ORDER NO. 62-97 JUNE 6, 1997 IMPLEMENTATION OF THE REVISED ZONAL VALUES OF REAL PROPERTIES UNDER REVENUE DISTRICT OFFICE NO. 48 WEST MAKATI . V. PUBLICATION IN A NEWSPAPER (MANILA STANDARD) DECEMBER 28, 1997 VI. EFFECTIVITY DATE - FIFTEEN (15) DAYS AFTER PUBLICATION IN THE GENERAL CIRCULATION JANUARY 13, 1998 THE SECRETARIAT, AVAS CERTAIN GUIDELINES IN THE IMPLEMENTATION OF ZONAL VALUATION OF REAL PROPERTIES 1. NO PREVIOUS SALE OF PROPERTY OF A PARTICULAR CLASSIFICATION. WHERE IN APPROVED LISTING 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 EFFECTED, THE APPROVED ZONAL VALUE OF A SIMILARLY SITUATED PROPERTY IN AN ADJACENT BARANGAY OF SIMILAR CONDITIONS, SHALL BE USED. 3. DIVISION OF BARANGAY. IN THE EVENT THAT AN EXISTING BARANGAY IS DIVIDED INTO TWO (2) 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 A STREET/BARANGAY/ZONE, THE USE OF WHICH ARE PREDOMINANTLY "COMMERCIAL" SHALL BE CONSIDERED AS "COMMERCIAL" FOR PURPOSES OF ZONAL VALUATION. 5. VALUES OF CONDOMINIUM 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). 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 SOCIAL HOUSING, IT SHALL BE CERTIFIED TO AS SUCH BY THE PROPER GOVERNMENT AGENCY, E.G., 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 PROVIDED THAT THE CAPITAL GAINS TAX FROM SALES, EXCHANGES OR OTHER DISPOSITIONS OF REAL PROPERTY CLASSIFIED AS CAPITAL ASSETS, INCLUDING "PACTO DE RETRO" SALES AND OTHER FORMS SHALL BE TAXED AT THE RATE OF 5% BASED ON THE GROSS SELLING PRICE, IF THE CONSIDERATION IS HIGHER THAN THE ZONAL VALUES GIVEN 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 OR CITY ASSESSORS, WHICHEVER IS HIGHER.