Definition of Terms and Classification Legend

June 25, 1991 ZONAL VALUATION REVENUE DISTRICT OFFICE NO. 47 EAST MAKATI (renumbered as of November 30, 1994) 1991 ZONAL VALUES OF REAL PROPERTIES IN THE MUNICIPALITY OF EAST MAKATI UNDER REVENUE DISTRICT NO. 47 (renumbered as of November 30, 1994) FOR INTERNAL REVENUE TAX PURPOSES (20 BARANGAYS) 1. APPROVAL BY THE TECHNICAL COMMITTEE ON REAL PROPERTY VALUATION June 25, 1991 2. PUBLIC HEARING November 12, 1990 (2nd revision) 3. APPROVAL BY THE EXECUTIVE COMMITTEE ON REAL PROPERTY VALUATION June 25, 1991 4. DEPARTMENT ORDER NO. 135-91 June 25, 1991 IMPLEMENTING THE ZONAL VALUES OF REAL PROPERTIES IN THE REVENUE DISTRICT NO. 47 EAST MAKATI). 5. PUBLICATION IN THE GENERAL CIRCULATION (THE MANILA TIMES) July 15, 1992 6. EFFECTIVITY DATE 15 DAYS AFTER DATE OF CIRCULATION OF A NEWSPAPER July 31, 1992 THE SECRETARIAT, TCRPV DEFINITION OF TERMS RESIDENTIAL LAND/BUILDING 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 RC RESIDENTIAL CONDOMINIUM CR COMMERCIAL REGULAR CC COMMERCIAL CONDOMINIUM A AGRICULTURAL I INDUSTRIAL X INSTITUTIONAL GL GOVERNMENT LAND GP GENERAL PURPOSE APD AREA FOR PRIORITY DEVELOPMENT CERTAIN GUIDELINES IN THE IMPLEMENTATION OF ZONAL VALUATION OF REAL PROPERTIES FOR EAST MAKATI UNDER REVENUE DISTRICT NO. 47, REVENUE REGION NO. 8 1. No previous sale of property of a particular classification. Where in the 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 situate 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 or more barangay, the zonal values prescribed for the existing 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 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 of Condominium Certificate of Title. However, if the title is a CCT 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 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 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 East Makati classified as capital assets, including pacto de retro sales and other forms 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 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 values as shown in the schedule of values of the provincial and city assessors, whichever is higher.