Budgetary Requirements for the Updating of Schedule of Market Value and General Revision.
Section 32
SEC. 32. Budgetary Requirements for the Updating of Schedule of Market Value and General Revision. - Each local Sanggunian shall appropriate the necessary funds from locally generated revenues, the national tax allotment or such other sources every fiscal year to constitute the Real Property Tax Administration Fund (RPTAF), which shall be established and used for the proper implementation of the updating of the SMVs, and general revision of real property assessments, and the administration of real property taxes in all LGUs. The Secretary of Finance, through the BLGF, shall grant a subsidy to third and lower income class LGUs in order to augment their resources for purposes of creating the RPTAF.