Quick Find for Real Estate Zonal Values

Under the Tax Code of 1997, the BIR (Bureau of Internal Revenue) is empowered to determine the fair market values of real estate (land and condominium units only), as follows:

"SEC. 6. Power of the Commissioner to make assessments and prescribe additional requirements for tax administration and enforcement -

(E) Authority of the Commissioner to prescribe real property values. - The Commissioner is hereby authorized to divide the Philippines into different zones or areas and shall, upon consultation with competent appraisers both from the private and public sectors, determine the fair market value of real properties located in each zone or area. For purposes of computing any internal revenue tax, the value of the property shall be, whichever is the higher of :

1) the fair market value as determined by the Commissioner, or

2) the fair market value as shown in the schedule of values of the provincial and city assessors."

So, where can you find the zonal value for your lot or condominium unit? There are several sources for this information, such as:

• BIR Revenue District Office (where your property is located)
• BIR Head Office (Asset Valuation Division, 10th Floor, BIR National Office Building, Quezon City - Values Nationwide)
• BIR Website (www.bir.gov.ph)

In order to make it convenient for you to access the fair market value determined by the BIR (zonal value) we have decided to provide a quick link to the BIR website below. Just click, or right click and open link in new window and you will be directed to the Zonal Values page of the BIR website. How updated are the values in the website? Well, according to the BIR, these are regularly updated and and what is posted on their site are the latest zonal values. You may however call up the Asset Valuation Division if you want to confirm the same.