AN ORDINANCE PRESCRIBING A REVISED SCHEDULE OF FAIR MARKET VALUES OF REAL PROPERTIES IN THE CITY OF MANILA

November 26, 2013MANILA CITY ORDINANCE NO. 8330AN ORDINANCE PRESCRIBING A REVISED SCHEDULE OF FAIR MARKET VALUES OF REAL PROPERTIES IN THE CITY OF MANILAPRINCIPAL AUTHOR: Hon. Raymundo R. Yupangco"1. On buildings and other structures:— Residential Fair Market ValueOverNot OverAssessment Levels     P175,000 & Below0% 175,000300,00010% 300,000500,00020% 500,000750,00025% 750,0001,000,00030% 1,000,0002,000,00035% 2,000,0005,000,00040% 5,000,00010,000,00050% 10,000,000 60% — Commercial/Industrial Fair Market Value:OverNot OverAssessment Levels     300,000 & Below30% 300,000500,00035% 500,000750,00040% 750,0001,000,00050% 1,000,0002,000,00060% 2,000,0005,000,00070% 5,000,00010,000,00075% 10,000,000 80% 2. On machineries:ClassAssessment LevelsResidential50%Commercial80%Industrial80%3. On special classes — The assessment levels for all lands, buildings, machineries and other improvements shall be as follows:Actual UseAssessment Levels  Cultural15%Scientific15%Hospital15%Local Water Districts10%Government-owned or controlled Corporations engaged in the supply and distribution of water and/or Generation and transmission of  Electric power10%"WHEREAS, Section 219 of R.A. 7160, otherwise known as "The Local Government Code of 1991", empowers the local government units to undertake the general revision of real property assessments within two (2) years after the effectivity of the Code and every three (3) years thereafter; WHEREAS, real property taxes are undoubtedly a major source of revenues to finance the various...