Section 5Sec./Art. 5

Powers and Functions of the Bureau of Local Government Finance (BLGF). - The BLGF of the Department of Finance (DOF) shall be the primary agency to lead the implementation of the provisions of this Act. In addition to the powers vested upon it by Executive Order No. 292, otherwise known as the "Administrative Code of 1987", it shall exercise the following powers and functions:

(a) Develop, adopt, and maintain the PVS, regulations, and specifications for real property appraisal used for taxation and other purposes, and ensure compliance therewith by LGUs and other concerned parties;

(b) Review and ensure that the SMVs, as prepared by 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, are compliant with the PVS and real property valuation policies and standards, and recommend its certification to the Secretary of Finance for local and national taxation, and for other purposes;

(c) Interpret and decide on matters relating to real property valuation policies and standards, and implementation of SMVs;

(d) Provide technical assistance on real property appraisal matters to government agencies and instrumentalities, and coordinate or conduct valuation, when requested;

(e) Provide leadership and policy direction to LGUs on real property valuation for taxation and other purposes, the regulation of valuation activities and other related matters, and the promotion of valuation training and seminars;

(f) Maintain a roster of licensed local government appraisers and assessors in consultation and coordination with the Professional Regulation Commission (PRC);

(g) Develop and maintain a comprehensive and up-to-date electronic database of real property transactions and prices of materials for buildings, machinery, and other structures;

(h) Conduct continuing study and research on valuation, and gather information on current global and country trends and developments in real property valuation;

(i) Formulate and provide for uniform procedures on the different transactions in the assessor's office, including the transfer, annotation, and issuance of tax declarations;

(j) Exercise technical supervision over all assessors through a system of compliance reporting and capacity building, and education and training procedures;

(k) Determine, fix, and collect a reasonable amount to be charged as administration fees, fines, and penalties relative to the implementation of the Real Property Information System (RPIS): Provided, That no fees or fines shall be imposed on LGUs with respect to the use of the RPIS; and

(l) Perform such other functions as are necessary, proper, and incidental to implement the provisions of this Act.