Gatchalian: Enactment of RPVARA to provide reprieve for delinquent real property taxpayers
June 15, 2024
Gatchalian: Enactment of RPVARA to provide reprieve for delinquent real property taxpayers
Senator Win Gatchalian said the enactment of the Real Property Valuation and Assessment Reform Act (RPVARA) would provide reprieve for delinquent taxpayers of real property tax.
This means that delinquent taxpayers would not have to pay interest or penalty for any outstanding real property tax payments. Specifically, the new law sets a two-year amnesty on interests and penalties for taxpayers with unpaid real property tax.
"We hope that the passage of this law would eventually encourage compliance among taxpayers of real property tax as they get to enjoy non-payment of interest and penalties when they pay their outstanding real property taxes," said Gatchalian, the chair of the Senate Committee on Ways and Means and principal author of the measure.
According to him, the new legislation is also expected to hasten the automation of services provided by local government units (LGUs). This in turn would likely enhance the efficiency of tax collection of LGUs and consequently the delivery of services to their constituents.
He explained the creation of the Real Property Information system, which will provide an up-to-date electronic database of the sale, exchange, lease, mortgage, donation, transfer, and all other real property transactions and declarations in the country.
"The enactment of RPVARA gives us a remarkable opportunity not only to modernize our processes but also to reaffirm our commitment to progress, efficiency, and fairness in property valuation," Gatchalian said, emphasizing that the RPVARA would bring about a uniform valuation standard for real property assets.
He said that adopting a better valuation system ensures that more people benefit from their land and properties, promoting development and boosting wealth for the country.
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