The market value of prime properties in the city has accelerated fast that the city government has adjusted assessed value to P33,000 a square meter, the City Assessor’s Office said.This as the agency noted that based on selling prices of premium properties, values of some have accelerated by as high as 67% to P100,000.
Jaime Adalin Jr., chief of the office, said that the adjusted value was about three times compared with the value in 2008 at P10,000 a square meter.
“Right now, our approved schedule of market value is only P33,000. This is based on the deed of sale,” said Adalin on Thursday.
He added that some properties have been sold between P85,000 up to P100,000 a square meter in areas considered as those with higher commercial values.
“Normally, the value of the property will accelerate because of the development introduced by the government like road openings and bypass roads,” he said.
In determining the assessed value, the city government has reduced the assessment level to 11.5% from 20% of commercial value of the property, Adalin said.
Adalin said the values of property in the city started appreciating higher after the election to the presidency of then mayor Rodrigo R. Duterte two years ago as the city has attracted more investors and new key infrastructure facilities have been introduced.