By Dominique Gabriel G. Bañaga
Board Member: Government increases market value every three years
The Negros Occidental provincial government announced land taxes will see a six to seven percent increase, starting in January 2018.
According to Provincial Board Member Salvador Escalante, Jr., the adjustments are mandated by law.
“Local governments should increase the fair market value of properties every three years,” he explained.
He credited developers investing in the province as a reason for the planned tax hikes, adding a higher tax rate means a higher selling price for landowners.
The last time the provincial government increased land taxes was in 2014./DGB, WDJ