Definition of Terms and Classification of Legend

September 5, 1991 ZONAL VALUATION REVENUE DISTRICT OFFICE NO. 71 KALIBO, AKLAN 1991 ZONAL VALUES OF REAL PROPERTIES IN AKLAN UNDER REVENUE DISTRICT NO. 71 (renumbered as of November 30, 1994) FOR INTERNAL REVENUE TAX PURPOSES (17 MUNICIPALITIES) 1. PUBLIC HEARING May 30, 1991 2. DEPARTMENT ORDER NO. 126-91 January 21, 1991 IMPLEMENTING THE REVISED ZONAL VALUES OF REAL PROPERTIES IN THE REVENUE DISTRICT NO. 71, KALIBO AKLAN 5. PUBLICATION IN THE GENERAL CIRCULATION (BUSINESS WORLD) January 2, 1992 6. EFFECTIVITY DATE 15 DAYS AFTER DATE OF CIRCULATION OF A NEWSPAPER January 18, 1992 ON REAL PROPERTY VALUATION FOR RDO 71, KALIBO, AKLAN CREATED UNDER DEPARTMENT OF FINANCE ORDER NO. 12-89 DATED FEBRUARY 27, 1989 SUB-TECHNICAL COMMITTEE CHAIRMAN LEONARDO B. ALBAR (RDO, RD#51, KALIBO, AKLAN) MEMBER MILAGROS AZARCON (PROVINCIAL ASSESSOR) MEMBER GERARDO ATIENZA (REPRESENTATIVE, BANK APPRAISER, BPI) MEMBER RAMON RELOJ (REPRESENTATIVE, BANK APPRAISER, CRD) 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. MUST NOT BE LESS THAN 5,000 SQUARE METERS. VICINITY MEANS AN AREA, LOCALITY, NEIGHBORHOOD OR DISTRICT ABOUT, NEAR, ADJACENT PROXIMATE OR CONTIGUOUS TO A STREET BEING LOCATED. CLASSIFICATION LEGEND: RR RESIDENTIAL REGULAR A7 FISHPOND CR COMMERCIAL REGULAR A8 COGONLAND A AGRICULTURAL LAND A9 BAMBOOLAND A1 COCAL A10 SEASHORE A2 IRRIGATED RICELAND A11 BANANALAND A3 UNIRRIGATED RICELAND A12 SWAMPY LOWLAND A4 ORCHARD A13 DRIED RIVER BED A5 CORNLAND A14 PASTURE LAND A6 NIPALAND CERTAIN GUIDELINES IN THE IMPLEMENTATION OF ZONAL VALUATION OF REAL PROPERTIES IN KALIBO, AKLAN UNDER RDO NO. 71, REVENUE REGION 11, ILOILO CITY 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 similarly situated property in an adjacent barangay or similar conditions, shall be used. 3. Division of 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 existing barangay shall be used for the newly created barangay. 4. Commercial. All 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 if a CCT of Condominium Certificate of Title. However, if the title is a TCT 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 values 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 of 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 located in Aklan 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.