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Unformatted text preview: collection records in the
treasurer's office somewhat undermine the potential benefits that could be realized from
improving the fiscal cadastre. Records are managed manually; staff assignment is low, which
coupled with lack of skill and incentive results in inefficient monitoring. There are no data
available on the total amount of revenue lost due to delinquencies. Insufficient record
management and failure to follow up on records result in weak enforcement of property tax. Underestimation of FairMarket Value
Under the given system, accurate knowledge of the fair market value is essential for
assessment of property tax over a period of time. Valuation of property tax is based on a
schedule of fair market value. The city utilizes limited sources for determining fair market 191988 Annual Financial Reports of Local Government (Provinces, Cities and Municipalities) Vol. III, Local value. Assessment of fair market value is based either on sales records of land and property
from the registry of dee...
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This document was uploaded on 01/27/2014.
- Winter '13