Practice question
A new market valuation is approved. An official says every percentage increase in market value must automatically produce the identical percentage increase in tax, regardless of assessment levels, rates or transition rules. Which is correct?
- Valuation and tax policy are legally identical
- Assessment levels may never matter
- Tax payable always equals full market value
- RA 12001 separates valuation from tax policy and administration; the other statutory components and transition rules must be applied
- The owner may cancel the valuation privately
Legal references
- RA 12001, Sections 3-4, 14-19 and 29: https://lawphil.net/statutes/repacts/ra2024/ra_12001_2024.html
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