PRESIDENT Ferdinand Marcos Jr.on Thursday signed into law Republic Act 12001 or the Real Property Valuation and Assessment Reform Act .A priority legislation, the RPVARA adopts the prevailing market value as the single real property valuation base for the assessment of real property tax. It complements the government's efforts to modernize services in local government units through the establishment of the Real Property Information System.
So, this new law is borne out of necessity and the realization that there is a need to enhance the country's tax collection system so we can generate revenues, generate jobs, investments all over the country. No longer will we rely on the outdated valuation system,' Marcos said during the law's ceremonial signing in Malacañang.'We now have instead the new and improved RPVARA.