Section 15Sec./Art. 15

Preparation of the Schedule of Market Values. - The provincial assessors, together with municipal assessors, and city assessors, including the lone municipal assessor in the Metropolitan Manila Area and the assessor of the PHIVIDEC Industrial Authority, shall prepare the SMVs for the different classes of real property situated within their respective LGUs, pursuant to the PVS, and other rules, regulations and specifications set by the DOF.

The preparation of the SMVs shall be completed within twelve (12) months following the notice from the BLGF to all local assessors to submit their proposed SMVs. Two (2) mandatory public consultations shall be conducted within sixty (60) days before the submission by the local assessor of the SMV. All provincial, city, and municipal assessors shall publish the proposed SMVs for at least two (2) weeks prior to the public consultation and hearing, in the official website of the LGU concerned, as well as post in two (2) conspicuous places in the provincial capitol, city hall, or municipal hall, as the case may be.

After public consultation and completion of the proposed SMV, the local assessor shall submit the proposed SMV to the BLGF Regional Office, and within forty-five (45) days from receipt thereof, the BLGF Regional Office shall review and endorse the same to the head of the BLGF: Provided, That in the case of cities and the lone municipality within Metropolitan Manila Area, the proposed SMV shall be submitted to and reviewed by the BLGF Central Office. The head of the BLGF shall review and endorse the proposed SMV within thirty (30) days from receipt thereof to the Secretary of Finance.