Definition of Terms and Classification of Legend

March 23, 1994 June 8, 1994 ZONAL VALUATION REVENUE DISTRICT OFFICE NO. 62 BOAC, MARINDUQUE (renumbered as of November 30, 1994) ZONAL VALUES OF REAL PROPERTIES IN THE MUNICIPALITIES OF BOAC, BUENAVISTA, GASAN, MOGPOG, STA. CRUZ AND TORRIJOS UNDER REVENUEDISTRICT NO. 62 (renumbered as of November 30, 1994) MARINDUQUE FOR INTERNAL REVENUE TAX PURPOSES (6 MUNICIPALITIES) 1. APPROVAL BY THE TECHNICAL COMMITTEE ON REAL PROPERTY VALUATION March 23, 1994 2. PUBLIC HEARING February 22, 1993 3. APPROVAL BY THE EXECUTIVE COMMITTEE ON REAL PROPERTY VALUATION March 23, 1994 4. DEPARTMENT ORDER NO. 21-94 March 23, 1994 IMPLEMENTING THE APPROVED ZONAL VALUES OF REAL PROPERTIES LOCATED IN THE MUNICIPALITIES OF BOAC, BUENAVISTA, GASAN, MOGPOG, STA. CRUZ AND TORRIJOS UNDER THE JURISDICTION OF REVENUE DISTRICT NO. 62 MARINDUQUE. 5. PUBLICATION IN THE GENERAL CIRCULATION (THE MANILA TIMES) May 23, 1994 6. EFFECTIVITY DATE 15 DAYS AFTER THE DATE OF CIRCULATION OF A NEWSPAPER June 8, 1994 RICARDO P. AQUINO Chief, Asset Valuation Division ON REAL PROPERTY VALUATION FOR RDO NO. 62 BOAC, MARINDUQUE CREATED UNDER DEPARTMENT OF FINANCE ORDER NO. 12-89 DATED FEBRUARY 27, 1989 SUB-TECHNICAL COMMITTEE AGUSTIN G. CRISOSTOMO, JR. CHAIRMAN (RDO, BOAC, MARINDUQUE) ANGEL P. PALOMARES MEMBER (PROVINCIAL ASSESSOR, MARINDUQUE) LEOPOLDO S. AGUIRRE MEMBER (REPRESENTATIVE, PRIVATE SECTOR) VENUS (BEN) L. SOSA MEMBER (REPRESENTATIVE, PRIVATE SECTOR) 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. 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 I INDUSTRIAL GL GOVERNMENT LAND X INSTITUTIONAL GP GENERAL PURPOSE A IRRIGATED RICELAND APD AREA FOR PRIORITY DEVELOPMENT A1 UNIRRIGATED RICELAND A4 COGONLAND/UPLAND A2 COCAL/COCOLAND A5 FISHPOND A3 ORCHARD/NIPALAND CERTAIN GUIDELINES IN THE IMPLEMENTATION OF ZONAL VALUATION OF REAL PROPERTIES FOR RDO NO. 62 BOAC, MARINDUQUE 1. No zonal value has been prescribed for a particular classification of real property. Where in the approved schedule of zonal values for a particular barangay a) No zonal value has been prescribed for a particular classification in a particular street/subdivision in a barangay, the zonal value prescribed for the same classification of real property located in the other street/subdivision within the same barangay of similar conditions shall be used. b) No zonal values prescribed for the same classification of Real property located in an adjacent barangay of similar conditions shall be used. 2. Predominant use of property a) All real properties, regardless of actual use of which are in a streets/barangay/zone, the use of which are pre-dominantly commercial shall be classified as commercial for purposes of zonal valuation. b) The predominant use of other classification of properties located in a street/barangay/zone, regardless of actual use shall be considered for purposes of zonal valuation. cdt 3. Zonal Values of condominium/unit/townhouse: If the title of a particular condominium unit/townhouse is a) A Condominium Certificate of Title (CCT), the zonal value of the land and the improvements shall be treated as one; or b) A Transfer Certificate of Title (TCT), the land and the improvements shall be given separate values; the ground floor of a residential condominium shall be classified as commercial and twenty percent (20%) of the established value shall be added thereto. 4. Areas 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 socialized housing, it shall be certified to as such by the proper government agency such as, Presidential Commission on Urban Poor (PCUP), National Housing Authority (NHA), etc. Housing and Land Use Regulatory Board. 5. 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, exchange, or other including "pacto de retro" sales and other forms of conditional sales, by individuals, estate and trusts, shall be taxed at the rate of five percent (5%) based on 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/city/municipal assessors, whichever if higher.