At the forefront of navigating the intricacies of Real Property Tax (RPT) issues, the Cebu Chamber of Commerce and Industry (CCCI) in collaboration with the Local Government of Cebu City organized the Tax Code Dialogue on November 23 at City Sports Club Cebu City. This landmark gathering served as a cornerstone for stakeholders, converging to have a better and clearer understanding on the proposed revisions to the real property tax code of Cebu City.
Amid a 20-year interval since the last comprehensive revision, businesses expressed fervent concerns on the implications of the proposed Real Property Tax (RPT) revisions. Although not a direct tax hike, the revamped structure unveiled noteworthy changes in actual tax liabilities. The dynamic nature of property values compounded this, rendering current property valuations obsolete and notably divergent from those established two decades ago.
The City assessor’s office acknowledges the discrepancy between the current assessed property values and their accuracy due to the appreciating values of properties. Consequently, the proposed market values for residential, commercial, and industrial lands in the previous real property tax assessment, which occurred 20 years ago, are notably lower compared to the proposed values for 2023.
With over 60 representatives from the business community such as big property owners, real estate developers, property management firms and homeowners’ associations, and other business leaders across the Metro, the forum served not only as avenue in addressing multifaceted issues but also giving opportunity to the Cebu City LGU in presenting the plans and programs for a more competitive, business friendly and livable Cebu City.
Key figures, including Acting-Mayor Hon. Raymond Alvin Garcia, Hon. Noel Wenceslao, Ar. Ann Marie Cuizon, Dr. Maria Theresa Rossel, and Atty. Jerone Castillo, actively participated in the dialogue, exemplifying a collaborative effort between the Chamber and the City’s key departments.
The forum exemplified the Chamber’s commitment as the voice of business by fostering connections, stimulating business growth, and instilling enduring values within the community. It stands as a testament to the Chamber’s ongoing initiatives, seeking to forge connections, facilitate growth opportunities, and nurture core values of commitment, integrity, synergy and service for Cebu and its people.
For more information, you may call CCCI at 232-1421 or email at info@cebuchamber.org.
