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  • Writer's pictureZiggurat Realestatecorp

Developers seek freeze on zonal values, property taxes

The Chamber of Real Estate and Builders’ Associations Inc., (CREBA) wants the government to maintain zonal values and freeze property taxes given the pandemic.

In a statement, CREBA national chairman Charlie Gorayeb urged the government to preserve zonal values of properties across the country at their pre-pandemic levels.

He said this would keep developers and property owners’ expenses related to payment of taxes at a reasonable level.

The CREBA also wants the government to freeze real property tax for at least two years and not to impose additional property-related taxes.

CREBA national president Noel Toti Cariño said freezing real property taxes would help enhance Filipinos’ capacity to purchase their own homes.

This, as taxes paid by developers form part of production costs and are passed on to home buyers.

CREBA said both the construction and real estate industries have been affected by the pandemic as many buyers default on loans for their property purchases.

As a result, developers and sellers have to absorb the losses.

During these dire circumstances for practically all sectors, extending temporary administrative relief can alleviate some of the pressures on the real estate, housing and construction industries as well as many property buyers who are severely affected by this pandemic, CREBA said.

“After all, a robust property industry will be vital in our collective efforts to recover from the wide-ranging economic effects of COVID-19,” the two leaders said.

Source: Philstar

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May 20

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