Section 19Sec./Art. 19

Updating of the Schedule of Market Values. - All provincial assessors, together with the municipal assessors and the city assessors, including the lone municipal assessor within the Metropolitan Manila Area and the assessor of the PHIVIDEC Industrial Authority, shall update their respective SMVs within two (2) years from the effectivity of this Act. LGUs shall update the SMVs and conduct general revision of property assessments and classifications every three (3) years thereafter. The BLGF shall prepare the schedule for the updating of the SMVs in all provinces and cities, including the municipality within the Metropolitan Manila Area and areas under the PHIVIDEC Industrial Authority.

In case of any significant change in market value where the property is located after the SMV has been approved and prior to the next revision, such as introduction of road right of way or similar infrastructure, in times of calamities or disasters, whether man-made or natural, during a pandemic or a declared public health emergency, whether national or local, and other analogous adverse circumstances, or where a correction of errors and inequalities in the SMV is deemed necessary, the provincial and city assessors shall recommend revisions to their existing SMVs to the BLGF Regional Office, through the BLGF Regional Director exercising jurisdiction over the LGU concerned: Provided, That the city assessors, the lone municipal assessor with the Metropolitan Manila Area, and the assessor of the PHIVIDEC Industrial Authority shall recommend revisions to their existing SMVs to the BLGF Central Office: Provided, further, That in times of national emergency declared by the local chief executive, the assessor may suspend the conduct of general revision.

In the case of a national state of emergency, the suspension shall take effect until the declaration of national emergency has been lifted by the President. In the case of a local state of calamity, the suspension shall be for thirty (30) days from such declaration: Provided, finally, That if the said local state of calamity continues to exist after the expiration of the thirty (30) day-period, the BLGF may recommend further extension to the said suspension to the Secretary of Finance for a period of another thirty (30) days or during the continued existence of calamity, whichever is shorter.

Such revision shall be subject to review by the BLGF Regional Office, which shall submit their recommendations to the head of the BLGF, in accordance with Sections 41 and 15 of this Act.1aшphi1