Section 16Sec./Art. 16

Review of the Schedule of Market Value. - The Secretary of Finance shall certify that the proposed SMV is in accordance with the latest PVS, within thirty (30) days from receipt of the proposed SMV from the head of the BLGF. In the absence of action by the Secretary of Finance within the specified period, the existing SMV shall remain in effect: Provided, That if the Secretary finds that the endorsed SMV of a particular LGU was not prepared in accordance with the latest PVS, the Secretary of Finance shall order that the said SMV be remanded to the assessor of the concerned LGU for revision together with a written explanation specifying the standards not complied with: Provided, further, That the Secretary of Finance shall not exercise control over the content of the SMV.

Upon receipt by the assessor of written explanation, he or she may conduct at least one (1) public consultation prior to the submission of the SMV to the concerned BLGF Regional Office: Provided, That the revised SMV shall be resubmitted by the local assessor to the head of the BLGF within thirty (30) days from the receipt of the letter of disapproval. The Secretary of Finance shall decide on the resubmitted SMV within ten (10) days from such resubmission; otherwise, the existing SMV shall remain in effect.

The approved SMV shall take effect fifteen (15) days after its publication by the DOF in the Official Gazette or in its official website, and in the official website of the LGU concerned, as well as posting in two (2) other conspicuous public places in the provincial capitol, city hall, or municipal hall, as the case may be.