MANILA - Senior citizens and persons with disabilities (PWDs) are expected to benefit from revenues earned from higher real estate taxes in Quezon City, city councilor Allan Reyes said Wednesday.
Reyes said among the projects lined up include new hospitals and a new health program for Quezon City residents.
“We also gave [seniors] a special ordinance that was passed yesterday, saying they will be given a 10 percent discount, this awaits the signature of our mayor,” Reyes told ANC's "Top Story."
Single parents and PWDs who own a property in the city will also be given a 5 percent discount.
Reyes expects the new policies to take effect by January 2017.
Quezon City officials approved this week an ordinance that would raise the fair market value of properties by an average of 500 percent.
This will increase real property taxes by 39 percent to 131 percent or an average of 69 percent for residential properties.
For commercial properties, this will mean a 67 percent to 112 percent or an average of 107 percent hike in real property taxes.
The higher tax rate is estimated to raise an additional P600 million to P700 million in revenue for the Quezon City government.
"Quezon City will be a more dynamic and competitive city with a little more budget to spend. We are looking forward to more business-friendly city," said Reyes.