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Real Property Valuation and Assessment Reform Act (RPVARA): What You Need to Know Introduction The Real Property Valuation and Assessment Reform Act (Republic Act No. 12001) was signed into law on June 13, 2024, and took effect on July 5, 2024. This law aims to standardize real property valuation across the Philippines, ensuring transparency and…
What is Real Estate Appraisal? Real estate appraisal, also known as property valuation, is the process of determining the fair market value of a property based on its location, condition, and market trends. This assessment is conducted by licensed real estate appraisers and is crucial for property transactions, bank loans, and taxation. Why is Real…
Capital Gains Tax (CGT) is a tax imposed on the sale, exchange, or transfer of real estate properties classified as capital assets in the Philippines. It is levied at 6% of the highest value between the selling price, zonal value, or fair market value of the property. Who Needs to Pay CGT? Property sellers transferring…
What Are Zonal Values and Why Are They Important? Zonal values are the official government-determined property values set by the Bureau of Internal Revenue (BIR) in the Philippines. They serve as the minimum taxable value for real estate transactions and play a crucial role in property sales, inheritance, donations, and taxation. Why Do Zonal Values…
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