Definition of Terms, Classification of Legend and Agricultural Land

June 24, 2010 ZONAL VALUATION REVENUE DISTRICT OFFICE NO. 87 CATBALOGAN, WESTERN SAMAR IMPLEMENTATION OF THE REVISED ZONAL VALUES OF REAL PROPERTIES IN THE CITIES OF CALBAYOG AND CATBALOGAN, MUNICIPALITIES OF ALMAGRO, BASEY, CALBIGA, DARAM, GANDARA, HINABANGAN, JIABONG, MARABUT, MATUGUINAO, MOTIONG, PAGSANGHAN, PARANAS, PINABACDAO, SAN JORGE, SAN JOSE DE BUAN, SAN SEBASTIAN, STA. MARGARITA, STA. RITA, STO. NIO, TAGAPUL-AN, TALALORA, TARANGNAN, VILLAREAL AND ZUMARRAGA UNDER THE JURISDICTION OF REVENUE DISTRICT OFFICE NO. 87-CATBALOGAN, WESTERN SAMAR, 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, Inland Fishing, Salt-Making, and Other Agricultural Uses Including Timberland and Forest Land. General Purposes 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: CODE CLASSIFICATION RR Residential Regular CR Commercial Regular RC Residential Condominium CC Commercial Condominium CL Cemetery Lot A Agricultural GL Government Land GP General Purposes I Industrial X Institutional APD Area for Priority Development PS Parking Slot * Agricultural/Rawland not less than 5,000 square meters AGRICULTURAL LANDS A1 Riceland Irrigated A26 Bamboo Land A2 Riceland Unirrigated A27 Peanut Land A3 Upland A28 Soy beans Land A4 Coco Land A29 Grape Vineyard A5 Citrus Land A30 Pepper Land A6 Fishpond A31 Mineral Land A7 Swamp A32 Non Metallic A8 Nipa Land A33 Coal Deposit A9 Cotton Land A34 African Oil Land A10 Cogon A35 Rubber Land A11 Abaca Land A36 Forest Land/Timber A12 Orchard A37 Horticultural Land A13 Pineapple Land A38 Salt Beds A14 Banana Land A39 Seashore A15 Pasture Land A40 Resort A16 Corn Land A41 Sandy/Stony A17 Sugar Land A42 Prawn pond A18 Tobacco Land A43 Sorghum A19 Cacao A44 Ipil-ipil A20 Lanzones A45 Kangkong A21 Durian A46 Zacate A22 Rambutan A47 Vegetable Land A23 Mango A48 Coffee A24 Mangrove A49 Mountainous/Hilly A25 Camote/Cassava A50 Other Agricultural Lands CERTAIN GUIDELINES IN THE IMPLEMENTATION OF ZONAL VALUATION OF REAL PROPERTIES FOR RDO NO. 87-CATBALOGAN, WESTERN SAMAR 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; and b.) No zonal value has been prescribed for a particular classification of real property in one barangay, the zonal value 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, located in a street/barangay/zone, the use of which are predominantly 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. 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 improvement shall be given separate values, i.e., zonal value/gross selling price/fair market value per latest tax declaration whichever is higher and, in the absence of zonal valuation, property shall be valued pursuant to RAMO 2-91. The ground floor of the 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. Second sale of lot identified as located in the APD shall no longer be valued as an APD and shall be treated as an ordinary real property. 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 ( i.e. , capital gains, creditable withholding, estate, donor's, and documentary stamp taxes) due on sales, exchanges, or other dispositions of real property. Provided, that the same is higher than (1.) the fair market value as shown in the schedule of values of the provincial and city assessors ( i.e. , latest tax declaration) and (2.) the gross selling price as shown in the duly notarized document of sale or exchange at the time of sale or exchange. Provided, however, that the value of property to be used in computing estate and donor's 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 assessor, whichever is higher.