(NAR) VOL. 12 NO. 2 / JANUARY - MARCH 2001
"6.1.1 Determine the value of improvements by using the formula shown below:IV. Repealing Clause
(a) Total Selling Price/Consideration per deed of sale,(land and improvement) xxx
Less: Zonal value of land xxx
Value of improvement xxx
THE VALUE OF THE IMPROVEMENT ARRIVED AT UNDER THIS COMPUTATION SHALL NOT BE LOWER THAN THE FAIR MARKET VALUE (FMV) APPEARING IN THE LATEST TAX DECLARATION, COVERING THE SAID IMPROVEMENT, AT THE TIME OF THE AFORESAID TRANSACTION/TRANSFER.
(b) THE FMV PER LATEST TAX DECLARATION AT THE TIME OF THE SALE OR DISPOSITION, DULY CERTIFIED BY THE CITY/MUNICIPAL ASSESSOR, SHALL BE USED. NO ADJUSTMENTS SHALL BE ADDED ON THE SAID VALUE, PROVIDED THAT, THE TAX DECLARATION BEARS THE UPGRADED FAIR MARKET VALUE OF THE SAID PROPERTY PURSUANT TO SECTION 219 OF R A NO. 7160, OTHERWISE KNOWN AS THE "LOCAL GOVERNMENT CODE OF 1991" AND THE LAST PARAGRAPH OF THE LOCAL ASSESSMENT REGULATIONS NO. 1-92 DATED OCTOBER 6, 1992.
IN CASE THE TAX DECLARATION BEING PRESENTED WAS ISSUED THREE (3) OR MORE YEARS PRIOR TO THE DATE OF SALE OR DISPOSITION OF THE REAL PROPERTY, THE SELLER/TRANSFEROR SHALL BE REQUIRED TO SUBMIT A CERTIFICATION FROM THE CITY/MUNICIPAL ASSESSOR WHETHER OR NOT THE SAME IS STILL THE LATEST TAX DECLARATION COVERING THE SAID REAL PROPERTY. OTHERWISE, THE TAXPAYER SHALL SECURE ITS LATEST TAX DECLARATION AND SHALL SUBMIT A COPY THEREOF, DULY CERTIFIED BY THE SAID ASSESSOR.