Definition of Terms and Classification of Legend

February 28, 1997 ZONAL VALUATION REVENUE DISTRICT OFFICE NO. 98 CAGAYAN DE ORO CITY REVISED ZONAL VALUES OF REAL PROPERTIES IN CAGAYAN DE ORO CITY UNDER REVENUE DISTRICT OFFICE NO. 98 FOR INTERNAL REVENUE TAX PURPOSES (80 BARANGAYS) 1. APPROVAL BY THE TECHNICAL COMMITTEE ON REAL PROPERTY VALUATION FEBRUARY 28, 1997 2. PUBLIC HEARING FEBRUARY 5, 1996 3. APPROVAL BY THE EXECUTIVE COMMITTEE ON REAL PROPERTY VALUATION FEBRUARY 28, 1997 4. DEPARTMENT ORDER NO. 41-97 FEBRUARY 28,1997 IMPLEMENTING THE REVISED ZONAL VALUES OF REAL PROPERTIES IN THE CITY OF CAGAYAN DE ORO UNDER REVENUE DISTRICT NO. 98 CAGAYAN DE ORO CITY. 5. PUBLICATION IN THE GENERAL CIRCULATION (THE BUSINESS DAILY) SEPTEMBER 26, 1997 6. EFFECTIVITY DATE 15 DAYS AFTER THE DATE OF CIRCULATION OF A NEWSPAPER OCTOBER 12, 1997 THE SECRETARIAT SUB-TECHNICAL COMMITTEE ON REAL PROPERTY VALUATION FOR RDO NO. 98 - CAGAYAN DE ORO CITY CREATED UNDER DEPARTMENT OF FINANCE ORDER NO. 12-89 DATED FEBRUARY 27, 1989 RDO PEDRITO L. CARBAJAL CHAIRMAN (RD #75-CAGAYAN DE ORO CITY) ARDO AMANODING D. ESMAIL MEMBER (RD #75-CAGAYAN DE ORO CITY) MR. VIRGILIO A. PACTURANAN MEMBER (DEPT. OF FINANCE) MR. GERARDO MARTINEZ MEMBER (PRIVATE SECTOR) MR. CESAR D. HIPONA MEMBER (PRIVATE SECTOR) CONSULTANTS ATTY. CESILO A. ADAZA PRIVATE SECTOR MS. CECILIA S. ROA PRIVATE SECTOR MS. TRIFINA P. GONZALES REVENUE OFFICER 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 AS 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 GL GOVERNMENT LAND I INDUSTRIAL GP GENERAL PURPOSE X INSTITUTIONAL APD AREA FOR PRIORITY A AGRICULTURAL LAND DEVELOPMENT CERTAIN GUIDELINES IN THE IMPLEMENTATION OF ZONAL VALUATION OF REAL PROPERTIES FOR RDO NO. 98 CAGAYAN DE ORO CITY 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 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. 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 DISPOSITIONS OF REAL PROPERTY CLASSIFIED AS CAPITAL ASSETS, 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 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 IS HIGHER.