Section 3Sec./Art. 3

Purposes. - This Act aims to:

(a) Establish and maintain standards based on the Philippine Valuation Standards (PVS) to govern the valuation of real property in the country;

(b) Adopt market value as the single real property valuation base for the assessment of real property-related taxes in the country, and for the valuation of real property for various transactions by all government agencies;

(c) Promote the fiscal autonomy of local government units (LGUs) to provide basic services to their constituency by enhancing their capacity to generate local revenues from real property;

(d) Separate the function of valuation of real properties from the functions of tax policy formulation and administration of the taxes due thereon;

(e) Provide a comprehensive and up-to-date electronic database of all real property transactions;

(f) Support the development of an information database on valuation through continuing research and monitoring of new developments in the discipline to upgrade the country's valuation system and be at par with global standards contributing to the country's inclusive and sustainable economic growth;

(g) Subject to the provisions of Republic Act (RA) No. 10173, otherwise known as the "Data Privacy Act of 2012", ensure transparency in real property transactions to protect public interest, and develop confidence in the valuation system; and

(h) Promote the use of innovative digital technology in local and real property tax administration, real property transactions, and other business processes to improve the LGUs' revenue generation capacity.