VALENZUELA City has ordered the re-evaluation of properties that the local government seeks to take for public use.

The city passed an ordinance to reassess properties subject to expropriation based on final court decisions to determine taxes.

The ordinance also covers cases already filed or to be filed by the city government of Valenzuela where just compensation is not yet paid.

Final court decisions in expropriation cases will also be taken into account when determining fair market value, and just compensation, according to the ordinance.

The fair market value of properties will depend on size, shape, location, elevation, price of adjacent lots, developments and flooding conditions, and mostly on zonal valuation made by the Bureau of Internal Revenue (BIR). The latter is usually higher than the fair market value in the tax declaration, it said.

The City Assessor’s Office is mandated to reassess the market value of real properties based on the “judicially determined fair market valuation of the court” for payment of just compensation and zonal valuation made by the BIR.

The City Treasurer’s Office, meanwhile, must recompute real property tax liabilities of the owners with an interest of 2% but not exceeding 36 months based on the reassessed value.

The Treasurer’s Office must recompute the real property tax and interest based on the new declaration.

Failure or refusal to settle dues would allow the Treasurer’s Office to deduct the real property tax deficiency and interest from the compensation.

Under the local law, the re-assessment of market value and re-computation of taxes will be reckoned from Jan. 1, 1993 or the date of issuance of certificate of title of the last owner, whichever is later, up to the actual date of taking. — Vann Marlo M. Villegas