Section 13Sec./Art. 13

Development of Valuation Standards. - The BLGF shall develop, adopt, maintain, and implement uniform valuation standards, which shall be used by all appraisers and assessors in the LGUs, and other persons, entities, or agencies that conduct valuation in the appraisal or valuation of lands, buildings, machinery and other real properties for taxation and other purposes. The valuation standards shall conform with the international valuation standards and principles. The BLGF, through the RPVS, shall revise the PVS every three (3) years or as often as may be necessary to ensure that the same is aligned with globally accepted principles and definitions in real property valuation with due consideration of the prevailing economic conditions.