In a move aimed at cushioning the financial burden on property owners, Mayor Raisa Treñas is seeking to extend the 40 percent reduction in real property tax (RPT) in Iloilo City until 2028.
The proposed extension comes in response to growing calls from taxpayers and business groups to maintain tax relief amid the city’s continuing economic recovery.
Treñas endorsed to the Sangguniang Panlungsod, headed by Vice Mayor Lady Julie Grace Baronda, the proposal that covers Tax Ordinance Nos. 2023-225 and 2024-235.
“I trust that the Iloilo City Council will consider this request in the spirit of easing the financial strain faced by our constituents,” the mayor said in a Facebook post, noting that the extension is part of the city’s effort to maintain a fair and responsive tax environment.
The proposed amendments include:
- The 40% reduction in RPT will remain in effect until 2028, meaning taxpayers will continue paying only 60% of the adjusted rate. However, idle lands will remain subject to the full additional Ad Valorem Tax.
- The reassessment of buildings based on the updated Schedule of Base Unit Construction Cost (BUCC) will be deferred to January 1, 2029, instead of being implemented earlier.
Treñas emphasized that maintaining tax relief is a strategic step toward sustaining investor confidence and supporting both residential and commercial property owners as they continue to recover from the economic impact of the COVID-19 pandmeic.IMT
