Definition of Terms and Classification Legend

February 17, 1989 ZONAL VALUATION REVENUE DISTRICT OFFICE NO. 51 (Formerly RDO No. 33 Pasay City) IMPLEMENTATION OF THE ZONAL VALUES OF REAL PROPERTIES IN PASAY CITY UNDER REVENUE DISTRICT OFFICE NO. 33, REVENUE REGION 4-B1, MAKATI, METRO MANILA, 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 'GP' General Purpose 'GL' Government Land NOTE: Revenue District No. 33, Pasay City, is composed of twenty (20) zones and two hundred (200) barangays . Only eighteen (18) zones and their respective barangays were given zonal values. CTAIHc Zone 19 covering barangays 178 thru 191 is bounded by creek on the north, Creek (Paraaque Boundary) on the west, Andrew Avenue on the south, and Makati Boundary on the east. The barangay within Zone 19 are within the exclusive Government Land (GL), among others are the Airmen's Village. The LRT Terminal and Depot, and other government buildings. Zone 20 covering barangays 192 thru 200 is bounded by Mia Road on the north, Creek (Paraaque Boundary) on the west, (Creek Paraaque Boundary) on the south, and Old Mia Road on the east. The barangays within Zone 20 are within the exclusive Government Property (GL). Among others are the Nayong Pilipino, CAA Housing Projects, PAL Passenger Terminal and other government buildings. Certain Guidelines in the Implementation of Zonal Valuation of Real Properties for RDO No. 51 Pasay City (Formerly RDO No. 33 Pasay) 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 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 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 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 (HLURB). If it is utilized for social housing, it shall be certified to as such by the Presidential Commission on Urban Poor (PCUP). 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 Pasay City 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 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.