Use of Schedule of Market Values.
Section 18
SEC. 18. Use of Schedule of Market Values. - The approved SMV shall be used as basis for the determination of real property-related taxes of national and local governments, as follows: (a) For taxation purposes: (1) As basis for the general revision of the assessment and property classification by the local assessor, and in the adjustment of assessment level and tax rates of LGUs by the Sanggunian; (2) As basis in determining the market value for other property-related taxes such as local transfer tax, sand and gravel tax, community tax, and other fees and charges; and (3) The Commissioner of Internal Revenue shall use the SMV or the actual gross selling price in consideration, as stated in real property transaction documents, whichever is higher, in computing any internal revenue tax. (b) As basis for real property appraisals and other related purposes of all government agencies, instrumentalities, and government-owned or -controlled corporations.