FIFTEENTH CONGRESS OF THE REPUBLIC) 
OF THE PHILIPPINES 
) 
First Regular Session 
) 
10 
JiJL -1 !1':3:1 0 
SENATE 
Senate Bill No. 688 
INTRODUCED BY SEN. JINGGOY EJERCITO ESTRADA 
EXPLANATORY NOTE 
This bill seeks to provide that the schedule of fair market values of real 
property shall be prepared by the Local Assessment Council amending for the 
purpose the Local Government Code of 1991. 
At present, the preparation of schedule of fair market values of real 
property is the sole responsibility of the provincial, city or municipal assessor. 
Since the fair market value is the price at which a property may be sold by a 
seller who is not compelled to sell and bought by a buyer who is not compelled to 
buy, its determination is often subject to question, for the assessor sometimes 
base his preparation on prejudices, depending on his own personal interests. 
This results in unfair assessment of fair market values and is detrimental to both 
the buyer and the seller, whose welfare should always be safeguarded. 
It is therefore suggested that instead of one person performing such 
function, a collegial body must be created and so empowered. This body, the 
Local Assessment Council shall.have as members the following: the planning 
and development officer, assessor, a representative from the private sector or 
non-governmental organizations represented in the local development council. 
The function of preparation of the schedule of fair market values of real property 
is thereby removed from the Local Assessor. 
With this, the performance of said task will be based on various 
perspectives, eliminating the possibility of a schedule which favors only certain 
groups of sectors, or is erroneously done. 
Thus, approval of this bill 'is earnestly sought 
Senator 


· . 
FIFTEENTH CONGRESS OF THE REPUBLIC) 
OF THE PHILIPPINES 
) 
First Regular Session 
) 
SENATE 
Senate Bill No. {) 8 8 
1 0 
.JUt -7 P J :10 
INTRODUCED BY SEN. JINGGOY EJERCITO ESTRADA 
AN ACT 
PROVIDING THAT THE SCHEDULE OF FAIR MARKET VALUES OF REAL 
PROPERTY SHALL BE PREPARED BY THE LOCAL ASSESSMENT 
COUNCIL AMENDING FOR THE PURPOSE THE LOCAL GOVERNMENT 
CODE OF 1991 
Be it enacted by the Senate and House of Representatives of the Philippines in 
Congress assembled: 
• 
SECTION 1. Section 212 of Republic Act Numbered Seventy-one hundred 
and sixty, otherwise known as the Local Government Code of 1991 is hereby 
amended to read as follows: 
"SEC.212. Preparation of Schedule of Fair Market Values. - Before any 
general revision of property assessment is made pursuant to the provision 
of this Title, there shall be prepared a schedule of fair market values by 
the [provincial, city and the municipal assessors] LOCAL ASSESSMENT 
COUNCIL OF EACH PROVINCE CITY OR MUNICIPALITY [the 
municipalities within the Metropolitan Manila Area] for the different classes 
of real property situated in their respective local government units for 
enactment by ordinance of the sanggunian concerned. The schedule of 
fair market values shall be province, city or municipality shall and in two 
other conspicuous public places therein. THE LOCAL ASSESSMENT 
COUNCIL 
SHALL 
BE 
COMPOSED 
OF 
THE 
PLANNING 
AND 
EVELOPMENT OFFICER, ASSESSOR, A REPRESENTATIVE FROM 
THE SANGGUNIAN AND A REPRESENTATIVE FROM THE PRIVATE 
SECTOR 
OR 
NONGOVERNMENTAL 
ORGANIZATIONS 
REPRESENTED IN THE LOCAL DEVELOPMENT COUNCIL." 
SEC. 2. Section 214 of the same Act is also hereby amended to read as 
follows: 
"SEC. 214. Amendment of Schedule of the Fair Market Values. - The 
[provincial, city or municipal assessor] LOCAL ASSESSMENT COUNCIL, 
may recommend to the sanggunian or concerned amendments or correct 
errors in valuation in the schedule of fair market values. The sanggunian 
concerned shall, by ordinance, act upon the recommendation within ninety 
(90) days from receipt thereof." 
SEC. 3. Repealing Clause. - All laws, presidential decrees, executive 
orders, proclamations, rules and regulations which are inconsistent with the 
provisions of this Act are hereby repealed or modified accordingly. 


• 
SEC. 4. Separability Clause. - If, for any reason, any section or provision 
of this Act shall be held unconstitutional or invalid, the other section or provision 
not otherwise affected shall remain valid. 
SEC. 5. Effectivity Clause. - This Act shall take effect fifteen (15) days 
from its publication in the Official Gazette or in at least two (2) newspapers of 
general circulation. 
Approved,