Cebu City Officials Propose Higher Realty Taxes

As of December 2010, Cebu City recorded 218,156 real properties in the city, with assessed value of P24.4 million. The Cebu City Assessor's Office wants to increase the tax assessment level of real properties in the city.

City Assessor Eustaquio Cesa said the general revision of the tax assessment of properties is long overdue, because the City has not revised it's property assessments for almost five years.

The City Hall revised it's tax assessment is 2006 but the process is supposed to be done every three years.

"We will recommend for the revision of the tax assessment  because this also affects the City in terms of income," he said. In a news conference yesterday, the assessor's office said it is proposing to increase the tax assessment on residential, agricultural and commercial properties, among others, by at least 20 percent from the existing tax assessment level.

Currently, the tax assessment for residential properties is two percent, 10 percent for commercial and 4.5 for agricultural properties, said Cesa.

"When we say 20 percent of the existing tax assessment level, the increase will be 20 percent of the two percent tax assessment for residential; 20 percent of the 10 percent for commercial; and 20 percent of the 4.5 percent for agricultural," he explained.

City Treasurer Ofelia Oliva welcomed the proposal of the assessor's office, as it will increase City Hall's income, but said there is a need to study it first. "We have to consider other factors like social factors, political factors and environmental factors, among others. We need to examine that," she said.

Asked why the City has not increased the tax assessment level for real properties since the revision in 2006, Cesa said they cannot compel the councilors to do so. Under the Local Government Code, Cesa said, they can only recommend to the councilors to revise the tax assessment of the properties. Cesa said they will recommend the increase in the tax assessment of real properties withi the year, with the hope of implementing it by next year. 

Based on the records of the assessor's office, there were at least 218,156 real properties in the city as of December 2010. The total assessed value is pegged at P47.6 million, with total taxable assessed value of P24.4 million. It's market value on the other hand, is pegged at P285 billion, with total taxable value of P25 billion. There were more real property units last year than in 2009, when only 207,979 properties were assessed. It's total market value then stood at P262 billion and total taxable value, P22 billion.

From January to February this year, the assessor's office has so far registered at least 1,615 real properties in the city, with total market value of P611 million and total taxable value of P67 million.

Source: Sun Star, Cebu

Pag - Ibig Membership Program

Membership Coverage

Republic Act 9679 Sec. 2. Declaration of Policy – It is the policy of the State to establish, develop, promote and integrate a nationwide sound and viable tax exempt mutual provident savings system suitable to the needs of the employed and other earning groups, and to motivate them to better plan and provide for their housing needs by membership in the Home Development Mutual Fund, with mandatory contributory support of the employers in the spirit of social justice and the pursuit of national development. 


Mandatory Membership

• Employers and employees who should be covered by the SSS and the GSIS;
• Uniformed members of the Armed Forces of the Philippines, the Bureau of Fire Protection, Bureau of Jail Management and Penology, and the Philippine National Police;
• Filipinos employed by foreign-based employers, whether they are deployed here or abroad or a combination thereof.

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Tips on Buying Real Estate in the Philippines

Thinking of buying Real Estate in the Philippines? This means in layman's terms, a home, a personal condo, lots only and whatever it is called, for business, a home you can call your own finally or whatever purpose you dream of it.

Now hear this! Buying Real Estate is not hard nor is it easy. In the case of buying a home where you can call your own, everyone in your family has to contribute to this decision.
And these are the questions that comes into your mind.

• Is it the perfect home for me and my family?
• Can I AFFORD it?
• Will my friends like it?
• Can I make money out of it?
• Is it accessible to all the utilities available in the vicinity like, electricity, water, schools, churches, market place, malls and many more?

We have so many questions that come to our mind that would hinder us from making this decision and result will be no action at all. So again another delay in your dream home or the home where you can call your own.

I've compiled some tips you might consider necessary or helpful in your decision.

1. Buy a Home to Live In

Finding a dream home means living in it -- why buy a home if you cannot commit to staying in it for a few years? The costs of buying and selling a home alone will set you back quickly. If you move a lot for work, consider renting a smaller place and putting money aside for the big home purchase later.

Additionally, buy a home with a worthy neighborhood. Location, location, location is a cliche, but it is certainly not a joke. Look for homes in great school districts, because whether or not you have children, good districts are a priority for buyers. Living in one immediately increases the value of your home.

2. Buy An Affordable Home

Buying a home is rewarding and an occasion to celebrate, but only if you have the money to back up the purchase. If you find yourself yearning for a four-bedroom three-bath that you cannot afford, you could end up like so many homeowners who are struggling to make the monthly payments. Buy a home where you can start small and can afford the monthly amortizations. Look for Affordable Housing packages that suits your budget so that you wouldn't worry about the additional expenses. If you are a Filipino and working overseas make sure you become a member of the Housing Development Mutual Fund or Pag-ibig. They offer members, loans of up to three (3) Million Pesos.

The general rule is to buy a house priced two-and-a-half times your annual salary. Take into account any debts or expenses you have that could really affect affordability. Get copies of your credit report, fix any errors and make sure your credit history is as clean as it can be before going to see a bank or any lender about which homes you can feasibly afford. 

3. Buy A Home With Professional Help 

While Internet access guarantees the ability to browse real estate listings in any area in the country, buyers will need an agent, a mortgage lender and a Real Estate Broker. The process of buying a home is confusing and difficult, which is why there are professionals in the real estate industry to help.

Go to a reliable Real Estate Broker so that you'll be given sound advice and tips in securing your new home. Shop around for a lender with the lowest interest rate and get pre-approved before house hunting. Have your Broker help you find out what the prices of homes sold for in the area are so you can bid accordingly.  By following these easy tips, you will be able to find the perfect home at a great price with a good mortgage plan to match. 

SM Unveils Seaside City Cebu

Sy says new mall will "ultra-modern" design to make it shopping capital of the South

As part of their 30 hectare development at the South Road Properties, SM Prime Holdings unveiled it's next mall project in Cebu called the SM Seaside City of Cebu.

SM Prime Holdings president Hans T. Sy told reporters that the new mall will have an "ultra-modern" design to bring in the young market and that they hope to make the mall the "Shopping Capital" of the south.

A glass cube lit with LED lights will be built on front to "add visual drama". Sy said that they aim to include something different in the mall such as a sky garden similar to the SM North EDSA and a "iconic" viewing tower that is 100 meters tall.

He hopes that the tower will be a structure that people will talk about, similar to the metallic globe that they built in front of the SM Mall of Asia.

Though it is hald the size of the SM Mall of Asia, Sy said that it will be larder than the current SM City Cebu at the North Reclamation Area. He explained that the 30 hectares is also just half the size of the MOA property.

The mall will have a circular shape and four floors for over 800 retail and food shops. They plan to include a two-storey department store, an SM Hypermart branch, five 300 seat movie theatre, an IMAX theatre with over 500 seating capacity, an18-lane bowling center, food court with ice skating rink.

They will have separate theater for stage plays and concerts and covered event area at the fourth level. The covered parking lot will hold over 2,000 slots.

To showcase Cebuano works, a furniture zone and fashion boulevard will also be included in the area. The mall is slated to open by the second quarter of 2013.

Sy said they officially began last Friday, starting with a road project. They will also be building a church in the property described as a "sleek, modern, all-white" structure. Sy said they already secured approval from the Cebu Archbishop's office for the construction of the church within the complex.

After the mall is complete, Sy said they will start working on a hotel and residences. He also hopes to build a hospital in the area, possibly, a school.

He noted that if the complex becomes a prime residential area, a hospital and a school would fit well in the community. The mall project is estimated at P4.5 billion.

SunStar Monday, April 11, 2011

truck driving school

Colorado Homes has Started Construction

Colorado Homes of Primary Homes Inc., a democratized subdivision located in Cotcot, Liloan, Cebu has started the process of clearing and leveling the land. Primary Homes Inc. with it's reputable track record of "On-Time" delivery of units to owners/clients certainly, has again taken the next step ahead to ensure complete satisfaction of it's clients.

In Colorado Homes, one who is interested can choose from two (2) models, namel; The TOWNHOUSE and The DUPLEX models.

The TOWNHOUSE is a two (2) storey house with a Lot Area of 40sqm and usable Floor Area of 51sqm. It has one (1) carport and one (1) toilet & bath with a ready provision for a 2nd toilet & bath on the 2nd floor. It is a semi finished unit with the buyer having the option to design a three (3) bedroom or two (2) bedroom division on the 2nd floor.

The DUPLEX on the other hand is also a two (2) storey house with a Lot Area of  60sqm and usable Floor Area of 59sqm. It also have one (1) carport, one (1) toilet & bath with ready provision for a 2nd toilet & bath on the 2nd floor on the buyers discretion. It is a semi finished unit with the buyer having the option to design a three (3) bedroom or two (2) bedroom division on the 2nd floor.

HOUSE SPECIFICATIONS:

• Colored brick walls
• Ceramic tiled flooring (for ground floor)
• Smooth cement finished for 2nd floor on steel deck
• Kitchen counter top and sink
• Ceramic floor tiles for bathroom
• Bathroom fixtures
• Long-span, pre-painted galvanized roof sheets
• Plumbing and electrical system

AMENITIES:

• Elegant entrance with guardhouse
• Concrete access road
• Multi-purpose hall
• Basketball court
• Selected landscape areas
• Cement curbs and gutters
• MCWD supplied water distribution system
• Electrical Power Supply
• Underground Drainage system...

P7,900/mo. Fleur deVille - Pro Homes

A subdivision project of Pro Homes located in Lapulapu near Big Foot Mactan. 

Perfect for starting families who work in Mactan Export Processing Zone, Mactan Cebu International Airport and other work places in Mactan, Cebu.

The following house features are listed below:

• Usable floor area = 54 sqm
• Lot area = 40 sqm
• 2 storey townhouse
• Cast-in-place concrete structure
• With 2 bedrooms
• Rib type colored sheet gauge 28 roofing
• With ceiling
• Smooth finish wall
• Flooring with ceramic tiles
• Sliding window at the front
• Toilet & bath with tiles
• With concrete stairs
• With carport units
• Free landscaping

Total Contract Price = P1,130,000.00
Reservation Fee = P5,000
Loanable Amount = P936,000.00
Monthly Amortization for  30 years = P7,197.03 (Pag - Ibig)
Equity = P189,000.00
Monthly for 24 months 0% interest = P7,875.00

Real Estate Broker's Exam March 27 Rating Verification

Those who would like to verify their ratings of examination whether passed or failed, can now check it at this this site, RATING VERIFICATION SITE.

When in the site, look for Real Estate Broker and click either passed or failed.
Enter the details exactly as they are required, like the last 6 digits of your application no. etc...
Once you're through your respective ratings will be shown.
Congratulations to all who passed!

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Primary Homes Kapihan for the month of April 2011

Once again, Primary Homes Inc., the real estate developer that has unmatched track record for on-time delivery for finished projects has conducted another month KAPIHAN for Real Estate Agents who qualify as Project Specialists.

KAPIHAN is the word used to describe the monthly updates of the development of Primary Homes Inc. current and on going Cebu Real Estate projects. This would also include promos and UPDATES of current and future Cebu Real Estate projects which Primary Homes Inc. has in store for it's brokers, agents and clients.

It is called KAPIHAN due to the fact that while updates are given, Project Specialists who attend, discuss anything about Primary Homes Inc. projects over a cup of coffee, especially about Cebu Real Estate.

Real Estate Brokers' Mar 27, 2011 Exam Results

MANILA, Philippines -- The Professional Regulation Commission (PRC) announced that 3,185 out of 4,762 passed the Real Estate Broker Licensure Examination given by the Board of Real Estate Service in Manila, Baguio, Cagayan de Oro, Cebu, Davao and Iloilo last March 2011.

The members of the Board of Real Estate Service who gave the licensure examination are Chairman, Dr. Eduardo G. Ong, Members, Bansan C. Choa, Ramon C.F. Cuervo III, Florentino C. Diño II and Rafael M. Fajardo.

The results were released five days after the last day of examination.
You can download the list of successful examinees HERE.

Registration for the issuance of Professional Identification Card (ID) and Certificate of Registration will start on Thursday, April 7, 2011 until April 14, 2011.

Those who will register are required to bring the following:

• duly accomplished Oath Form or Panunumpa ng Propesyonal, 
• current Community Tax Certificate (cedula), 
• 2 pieces passport size picture (colored with white background and complete nametag), 
• 1 piece 1” x 1” picture (colored with white background and complete nametag), 
• 2 sets of metered documentary stamps, 
• and 1 short brown envelope with name and profession; 
• and to pay the Initial Registration Fee of P600 and Annual Registration Fee of P450 for 2011-2014. Successful examinees should personally register and sign in the Roster of Registered Professionals.

The oathtaking ceremony of the successful examinees in the said examination will be held before the Board on Tuesday, April 26, 2011 at 1:00 o’clock in the afternoon at the Philippine International Convention Center (PICC), Roxas Boulevard, Pasay City.

Tickets for the oathtaking will be available from April 7, 2011 to April 25, 2011.

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