The Chamber of Real Estate & Builders’ Associations Inc. expressed support to the proposed Real Property Valuation Reform Bill, or Package 3 of the Comprehensive Tax Reform Program, which seeks to introduce reforms in real property valuation and assessment and reorganize the Bureau of Local Government Finance under the Finance Department.
CREBA said in a statement that cognizant of land and housing development being catalysts for economic and social progress, the current system of real property valuation in the Philippines should be overhauled to do away with multiple, overlapping and outdated valuations.
CREBA national chairman Charlie Gorayeb said the current practice complicates government assessment and taxation and raises discrepancies that result in right-of-way compensation problems and lengthy valuation, both of which hamper the speedy and efficient construction of infrastructure projects.