SP approves ordinance revising fair market values of CDO real properties

The 20th City Council, during its regular session on Monday, enacted an ordinance prescribing the revised schedule of fair market values for real property in Cagayan de Oro City to align property valuations with current market conditions and to ensure a more accurate basis for real property taxation.

In his endorsement to the City Council, City Mayor Rolando A. Uy emphasized that the updated schedule adheres to relevant laws, including compliance with the Department of Finance’s regulations and guidelines, as certified by the Bureau of Local Government Finance-Regional Office X.

The updated fair market values are expected to increase local revenue generation, supporting the city's development projects and services. However, this could also mean adjustments in property taxes for some landowners.

The legislation was sponsored by the City Council Committee on Laws and Rules chaired by Councilor Edgar S. Cabanlas.