SCHEDULE OF MARKET VALUES of the PROVINCE OF ILOCOS NORTE
Prepared by the Office of the Provincial Assessor headed by
CARMENCHITA S. TABIJE, MBA, REA
PRC License No. 0001800
MISCELLANEOUS PROVISIONS
- If a property is not listed or valued in the schedule, it will be appraised at its current market value, as determined by th Provincial/City/Municipal Assessor, following the Philippine Valuation Standards.
- To arrive at a final value of agricultural land, the total base market value shall be multiplied by the percentage of adjustments as follows:
- Type of Roads
A.1. Provincial or National Roads – No Deduction
A.2. For all weather Roads – 3% Deduction
A.3. Along dirt Road – 6% Deduction
A.4. For no road outlet – 9% Deduction
- Type of Location
| Distance in Km. To | All Weather Road | Local Trading Center (poblacion) |
| 0 to 1 | 0 | + 5% |
| Over 1 to 3 | -2% | 0% |
| Over 3 to 6 | -4% | -2% |
| Over 6 to 9 | -6% | -4% |
| Over 9 | -8% | -6% |
- Vacant or idle lands located in a purely residential area shall be classified as residential. If such land is located in a purely commercial area, the same shall be classified as commercial. Mixed residential-commercial area the same shall be classified according to which is more predominant.
- Value adjustment based on factors not specified in this Schedule of Market Value (SMV), such as but not limited to shape, topography, and blighted status of the lands that affect the value of the property being assessed shall be applied.
- Roads or streets in urban subdivisions, unless already donated or turned over to the Barangay or City, shall be listed in the name of the subdivision owner and shall be valued on the basis of the cost of cementing, asphalting or paving them with gravel and sand per square meter.
- Building shall be generally classified and valued in accordance with the structural designs for which they were intended regardless of their actual use. Individual property adjustment pursuant to this approved SMV shall be consistently enforced.
- In case of buildings, machinery and other structures already covered by existing assessment, the Reproduction/Replacement Cost New Less Depreciation (RCNLD) approach shall be applied.
- The appraisal of machinery for tax purposes shall be based on its actual cost to the owner when it was acquired which shall include the acquisition cost plus the cost of freight, insurance, bank and other charges, brokerage arrastre and handling, duties and taxes (if imported). Plus the cost of inland transportation, handling, and installation charges at the present site.
- For purposes of assessment, a depreciation allowance shall be made for machinery at a rate not exceeding five (5%) percent of its original cost or its replacement or reproduction cost, as the case maybe, for each year of use: Provided, however, that the remaining value for all kinds of machinery shall be fixed at not less than twenty (20%) percent of such original, replacement, or reproduction cost for as long as the machinery is useful and in operation.
- As far as properly applicable, this schedule of base market values shall be controlling, but where the property to assessed is of a kind not classified in this schedule is of a kind for which a value in not herein fixed, it shall be appraised at the current and fair market value, independently of this schedule.