Property values in Isabela set to rise under proposed 2027 Market Value Schedule

The proposed 2027 Schedule of Market Values (SMV) is expected to drive significant increases in real property values across Isabela’s municipalities, particularly in urban and agricultural areas.

The 2027 SMV, which serves as the basis for valuing and assessing real properties for local and national taxation, was presented during a public consultation and hearing organized by the Provincial Assessor’s Office at The Capital Arena in City of Ilagan on March 3.

Urban land market values in Isabela have risen significantly across all classifications, including residential, commercial, and industrial, compared to 2024 levels, with per-square-meter values increasing sharply and, in some cases, doubling or even tripling for certain sub-classifications.

Measured per hectare, irrigated rice lands in 1st to 3rd class municipalities are now valued at P1 million to P1.24 million, while unirrigated rice lands range from P510,000 to P620,000.

Corn lands in 1st to 3rd class municipalities are valued at around P590,000 to P680,000 per hectare, while tobacco lands range from P570,000 to P720,000.

Agro-commercial and industrial lands in 1st to 3rd class municipalities, including those planted with calamansi, mango, banana, coffee, rambutan, and pineapple, are valued at P770,000 to P1.2 million.

Commercial fishponds are now valued at P570,000 to P1.1 million, while piggery and poultry lands range from P2.6 million to P3.5 million in 1st to 3rd class municipalities.

For base unit construction costs, or the standardized cost per square meter of a structurally complete building excluding specialized finishes, Type I (wood) structures start at about P4,300 per square meter, while Type V-A (fire-resistive) structures are valued at P10,200 for single-family to multi-dwelling units.

Apartments, row houses, and townhouses range from P8,300 to P11,700 in base unit construction cost per square meter.

Provincial Assessor Zenaida A. Gabriel said they had to ensure that the proposed pricing schedule reflects the province’s economic climate and growth patterns.

“We need to ensure that the proposed schedule market value is responsive to the economic conditions and development trends of the province,” she said.

Echoing this, Provincial Administrator Atty. Christopher A. Mamauag said that a clear and credible basis for real property taxation would improve understanding of Real Property Valuation and Assessment Reform Act (RPVARA) and support national progress through responsible tax compliance and enforcement.

In the same event, Atty. Julaida Caddawan-Pancho, Director of the Bureau of Local Government Finance Region 2, commended the province for being one of the top performers in updating its schedule of market values.

The proposed 2027 SMV of real properties, aligned with RPVARA (RA 12001), is seen as a crucial policy tool, as it affects taxation, promotes equity, boosts investor confidence, sets valuation benchmarks, and strengthens the province’s economic competitiveness. – Isabela PIO