Vice mayor: BIR's valuation of 93-1 lots 'too high'

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THE Cebu City and Cebu Provincial Governments have recognized the land valuation to be used in the 93-1 deal but the former said it is too expensive for a socialized housing lot.

Vice Mayor Raymond Alvin Garcia told reporters Wednesday, September 14, 2022, that the two local government units have agreed to use the zonal valuation of the Bureau of Internal Revenue (BIR).

Upon using the BIR’s valuation of the properties involved, the cost of the properties reached P8 billion, which is “really high,” said Garcia.

Once the City Government will acquire the properties from the Provincial Government, Garcia said the land will be sold to the residents at a very low cost. Thus, buying it from the Capitol at an expensive rate would be disadvantageous to the City.

“For me, it will go lower, the P8 billion is based on BIR value... The BIR valuation does not take into consideration and account that the property will be sold on a socialized (housing rate),” Garcia said in a mix of Cebuano and English.

Garcia said this is not final since he has recommended to Mayor Michael Rama to form an appraisal committee composed of officials coming from the executive and legislative offices of the City Hall that will help determine a favorable value of the properties.

Another step that the Cebu City Government will take is to amend the land valuation used by the City Assessor's Office that has not been updated since 2003, he added.

Garcia reasoned that if the valuation of the BIR will be followed, it will not be beneficial to the residents occupying the 32-hectare properties involved in the land swap deal. (IRT)