Land values in Davao City would have to be increased by as much as 150 percent, as property developments gobble up premium lands even in far-flung areas.
The new zonal valuations means bigger government revenues, said the Bureau of Internal Revenue.
Rodrigo Rivamonte, assistant regional director for BIR-Southern Mindanao, said the 1997 zonal valuations have become unrealistic pushing the agency to adopt new valuations.
Rivamonte pointed to the Buhangin-Cabantian area valued at P350 per square meter in 1997, which is now a beehive of high-end and socialized housing projects.
BIR now has placed zonal value in the area to as much as P1,650.
Value of properties along J.P. Laurel Avenue in Barangay Pampanga is now at P7,500, up from P4,500 under the old valuation scheme
The BIR last week held a public consultation on the new schedule of values.
The public consultation is necessary for the public to raise questions about the new zonal valuation, Rivamonte said.
Rivamonte also urged the barangays and local government to support the proposed zonal valuations as its collection is also aimed to support the development of the area through the Internal Revenue Allotment (IRA).