Wundervölker, Monstrosität und Hässlichkeit im Mittelalter (German Edition)

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Authority to Grant Tax Exemption Privileges. Withdrawal of Tax Exemption Privileges. No such action shall be instituted after the expiration of said period: Provided, however, That, taxes, fees or charges assessed before the effectivity of this Code may be collected within a period of three 3 years from the date of assessment.

Protest of Assessment. Within sixty 60 days from the receipt of the notice of assessment, the taxpayer may file a written protest with the local treasurer contesting the assessment; otherwise, the assessment shall become final and executory. The local treasurer shall decide the protest within sixty 60 days from the time of its filing. If the local treasurer finds the protest to be wholly or partly meritorious, he shall issue a notice canceling wholly or partially the assessment. However, if the local treasurer finds the assessment to be wholly or partly correct, he shall deny the protest wholly or partly with notice to the taxpayer.

The taxpayer shall have thirty 30 days from the receipt of the denial of the protest or from the lapse of the sixty 60 day period prescribed herein within which to appeal with the court of competent jurisdiction otherwise the assessment becomes conclusive and unappealable. Claim for Refund of Tax Credit. No case or proceeding shall be entertained in any court after the expiration of two 2 years from the date of the payment of such tax, fee, or charge, or from the date the taxpayer is entitled to a refund or credit. It is synonymous to taxable value;. It includes the physical facilities for production, the installations and appurtenant service facilities, those which are mobile, self-powered or self-propelled, and those not permanently attached to the real property which are actually, directly, and exclusively used to meet the needs of the particular industry, business or activity and which by their very nature and purpose are designed for, or necessary to its manufacturing, mining, logging, commercial, industrial or agricultural purposes;.

Administration of the Real Property Tax. Declaration of Real Property by the Owner or Administrator. Such declaration shall contain a description of the property sufficient in detail to enable the assessor or his deputy to identify the same for assessment purposes. The sworn declaration of real property herein referred to shall be filed with the assessor concerned once every three 3 years during the period from January first 1st to June thirtieth 30th commencing with the calendar year Declaration of Real Property by the Assessor.

No oath shall be required of a declaration thus made by the provincial, city or municipal assessor. Listing of Real Property in the Assessment Rolls. Real property shall be listed, valued and assessed in the name of the owner or administrator, or anyone having legal interest in the property. Proof of Exemption of Real Property from Taxation. If the required evidence is not submitted within the period herein prescribed, the property shall be listed as taxable in the assessment roll. However, if the property shall be proven to be tax exempt, the same shall be dropped from the assessment roll.

Real Property Identification System. Notification of Transfer of Real Property Ownership. The notification shall include the mode of transfer, the description of the property alienated, the name and address of the transferee. Failure to provide such certificate shall be a valid cause for the Registrar of Deeds to refuse the registration of the document. Preparation of Schedule of Fair Market Values. The schedule of fair market values shall be published in a newspaper of general circulation in the province, city or municipality concerned, or in the absence thereof, shall be posted in the provincial capitol, city or municipal hall and in two other conspicuous public places therein.

Authority of Assessor to Take Evidence. Amendment of Schedule of Fair Market Values. The sanggunian concerned shall, by ordinance, act upon the recommendation within ninety 90 days from receipt thereof. Classes of Real Property for Assessment Purposes. The city or municipality within the Metropolitan Manila Area, through their respective sanggunian, shall have the power to classify lands as residential, agricultural, commercial, industrial, mineral, timberland, or special in accordance with their zoning ordinances.

Special Classes of Real Property. Assessment Levels. P , Government-owned or. General Revision of assessments and Property Classification. Valuation of Real Property. Date of Effectivity of Assessment or Reassessment. Notification of New or Revised Assessment. The notice may be delivered personally or by registered mail or through the assistance of the punong barangay to the last known address of the person to be served.

Appraisal and Assessment of Machinery. In all other cases, the fair market value shall be determined by dividing the remaining economic life of the machinery by its estimated economic life and multiplied by the replacement or reproduction cost. The cost in foreign currency of imported machinery shall be converted to peso cost on the basis of foreign currency exchange rates as fixed by the Central Bank. Depreciation Allowance for Machinery. They shall take an oath or affirmation of office in the prescribed form. In the absence of the Registrar of Deeds, or the provincial or city prosecutor, or the provincial or city engineer, or the district engineer, the persons performing their duties, whether in an acting capacity or as a duly designated officer-in-charge, shall automatically become the chairman or member, respectively, of the said Board, as the case may be.

No member of the Board shall be entitled to per diems or traveling expenses for his attendance in Board meetings, except when conducting an ocular inspection in connection with a case under appeal. The sanggunian concerned shall appropriate the necessary funds to enable the Board in their respective localities to operate effectively. Action by the Local Board of Assessment appeals.

The Board, after hearing, shall render its decision based on substantial evidence or such relevant evidence on record as a reasonable mind might accept as adequate to support the conclusion. The proceedings of the Board shall be conducted solely for the purpose of ascertaining the facts without necessarily adhering to technical rules applicable in judicial proceedings. In case the provincial or city assessor concurs in the revision or the assessment, it shall be his duty to notify the owner of the property or the person having legal interest therein of such fact using the form prescribed for the purpose.

The owner of the property or the person having legal interest therein or the assessor who is not satisfied with the decision of the Board, may, within thirty 30 days after receipt of the decision of said Board, appeal to the Central Board of Assessment appeals, as herein provided. The decision of the Central Board shall be final and executory. Central Board of Assessment appeals. Of those first appointed, the chairman shall hold office for seven 7 years, one member for five 5 years, and the other member for three 3 years.

Appointment to any vacancy shall be only for the unexpired portion of the term of the predecessor. In no case shall any member be appointed or designated in a temporary or acting capacity. The chairman and the members of the Board shall be Filipino citizens, at least forty 40 years old at the time of their appointment, and members of the Bar or Certified Public Accountants for at least ten 10 years immediately preceding their appointment.

The chairman of the Board of Assessment appeals shall have the salary grade equivalent to the rank of Director III under the Salary Standardization Law exclusive of allowances and other emoluments. The members of the Board shall have the salary grade equivalent to the rank of Director II under the Salary Standardization Law exclusive of allowances and other emoluments. The Board shall have appellate jurisdiction over all assessment cases decided by the Local Board of Assessment appeals. There shall be Hearing Officers to be appointed by the Central Board of Assessment appeals pursuant to civil service laws, rules and regulations, one each for Luzon, Visayas and Mindanao, who shall hold office in Manila, Cebu City and Cagayan de Oro City, respectively, and who shall serve for a term of six 6 years, without reappointment until their successors have been appointed and qualified.

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The Hearing Officers shall each have the salary grade equivalent to the rank of Director I under the Salary Standardization Law exclusive of allowances and other emoluments. The Hearing Officers shall try and receive evidences on the appealed assessment cases as may be directed by the Board. The Central Board Assessment appeals, in the performance of its powers and duties, may establish and organize staffs, offices, units, prescribe the titles, functions and duties of their members and adopt its own rules and regulations.

Unless otherwise provided by law, the annual appropriations for the Central Board of Assessment appeals shall be included in the annual budget of the Department of Finance in the corresponding General Appropriations Act. Effect of appeal on the Payment of Real Property Tax.

Rates of Levy. Exemptions from Real Property Tax. Except as provided herein, any exemption from payment of real property tax previously granted to, or presently enjoyed by, all persons, whether natural or juridical, including all government-owned or -controlled corporations are hereby withdrawn upon the effectivity of this Code. Idle Lands, Coverage.

Lands actually used for grazing purposes shall likewise not be considered idle lands. Regardless of land area, this Section shall likewise apply to residential lots in subdivisions duly approved by proper authorities, the ownership of which has been transferred to individual owners, who shall be liable for the additional tax: Provided, however, That individual lots of such subdivisions, the ownership of which has not been transferred to the buyer shall be considered as part of the subdivision, and shall be subject to the additional tax payable by subdivision owner or operator.

Idle Lands Exempt from Tax. Listing of Idle Lands by the Assessor. For purposes of collection, the provincial, city or municipal assessor shall furnish a copy thereof to the provincial or city treasurer who shall notify, on the basis of such record, the owner of the property or person having legal interest therein of the imposition of the additional tax.

Special Levy by Local Government Units. Ordinance Imposing a Special Levy. The sanggunian concerned shall not be obliged, in the apportionment and computation of the special levy, to establish a uniform percentage of all lands subject to the payment of the tax for the entire district, but it may fix different rates for different parts or sections thereof, depending on whether such land is more or less benefited by the proposed work.

Fixing the Amount of Special Levy. Upon the effectivity of the ordinance imposing special levy, the assessor concerned shall forthwith proceed to determine the annual amount of special levy assessed against each parcel of land comprised within the area especially benefited and shall send to each landowner a written notice thereof by mail, personal service or publication in appropriate cases.

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Taxpayers' Remedies Against Special Levy. Accrual of Special Levy.

ACV vs. RCV (Actual Cash Value and Replacement Cost Value)

Collection of Tax. The city or municipal treasurer may deputize the barangay treasurer to collect all taxes on real property located in the barangay: Provided, That the barangay treasurer is properly bonded for the purpose: Provided, further, That the premium on the bond shall be paid by the city or municipal government concerned. Notice of Time for Collection of Tax. Said notice shall likewise be published in a newspaper of general circulation in the locality once a week for two 2 consecutive weeks. Payment of Real Property Taxes in Installments.

The date for the payment of any other tax imposed under this Title without interest shall be prescribed by the sanggunian concerned. Payments of real property taxes shall first be applied to prior years delinquencies, interests, and penalties, if any, and only after said delinquencies are settled may tax payments be credited for the current period. Tax Discount for Advanced Prompt Payment.

Payment Under Protest. There shall be annotated on the tax receipts the words "paid under protest". The protest in writing must be filed within thirty 30 days from payment of the tax to the provincial, city treasurer or municipal treasurer, in the case of a municipality within Metropolitan Manila Area, who shall decide the protest within sixty 60 days from receipt. Repayment of Excessive Collections. The provincial or city treasurer shall decide the claim for tax refund or credit within sixty 60 days from receipt thereof. The notice of delinquency shall also be published once a week for two 2 consecutive weeks, in a newspaper of general circulation in the province, city, or municipality.

It shall likewise state that at any time before the distraint of personal property, payment of the tax with surcharges, interests and penalties may be made in accordance with the next following Section, and unless the tax, surcharges and penalties are paid before the expiration of the year for which the tax is due except when the notice of assessment or special levy is contested administratively or judicially pursuant to the provisions of Chapter 3, Title II, Book II of this Code, the delinquent real property will be sold at public auction, and the title to the property will be vested in the purchaser, subject, however, to the right of the delinquent owner of the property or any person having legal interest therein to redeem the property within one 1 year from the date of sale.

Interests on Unpaid Real Property Tax. Local Governments Lien. Levy on Real Property. The provincial or city treasurer, or a treasurer of a municipality within the Metropolitan Manila Area, as the case may be, when issuing a warrant of levy shall prepare a duly authenticated certificate showing the name of the delinquent owner of the property or person having legal interest therein, the description of the property, the amount of the tax due and the interest thereon. The warrant shall operate with the force of a legal execution throughout the province, city or a municipality within the Metropolitan Manila Area.

The warrant shall be mailed to or served upon the delinquent owner of the real property or person having legal interest therein, or in case he is out of the country or cannot be located, to the administrator or occupant of the property. At the same time, written notice of the levy with the attached warrant shall be mailed to or served upon the assessor and the Registrar of Deeds of the province, city or a municipality within the Metropolitan Manila Area where the property is located, who shall annotate the levy on the tax declaration and certificate of title of the property, respectively.

The levying officer shall submit a report on the levy to the sanggunian concerned within ten 10 days after receipt of the warrant by the owner of the property or person having legal interest therein. The advertisement shall be effected by posting a notice at the main entrance of the provincial, city or municipal building, and in a publicly accessible and conspicuous place in the barangay where the real property is located, and by publication once a week for two 2 weeks in a newspaper of general circulation in the province, city or municipality where the property is located.

The advertisement shall specify the amount of the delinquent tax, the interest due thereon and expenses of sale, the date and place of sale, the name of the owner of the real property or person having legal interest therein, and a description of the property to be sold. At any time before the date fixed for the sale, the owner of the real property or person having legal interest therein may stay the proceedings by paying the delinquent tax, the interest due thereon and the expenses of sale. The sale shall be held either at the main entrance of the provincial, city or municipal building, or on the property to be sold, or at any other place as specified in the notice of the sale.

The local treasurer shall likewise prepare and deliver to the purchaser a certificate of sale which shall contain the name of the purchaser, a description of the property sold, the amount of the delinquent tax, the interest due thereon, the expenses of sale and a brief description of the proceedings: Provided, however, That proceeds of the sale in excess of the delinquent tax, the interest due thereon, and the expenses of sale shall be remitted to the owner of the real property or person having legal interest therein.

The local treasurer may, by ordinance duly approved, advance an amount sufficient to defray the costs of collection thru the remedies provided for in this Title, including the expenses of advertisement and sale. Such payment shall invalidate the certificate of sale issued to the purchaser and the owner of the delinquent real property or person having legal interest therein shall be entitled to a certificate of redemption which shall be issued by the local treasurer or his deputy.

From the date of sale until the expiration of the period of redemption, the delinquent real property shall remain in the possession of the owner or person having legal interest therein who shall be entitled to the income and other fruits thereof. Thereafter, the property shall be free from the lien of such delinquent tax, interest due thereon and expenses of sale. The deed shall briefly state the proceedings upon which the validity of the sale rests.

Within one 1 year from the date of such forfeiture, the taxpayer or any of his representative, may redeem the property by paying to the local treasurer the full amount of the real property tax and the related interest and the costs of sale. The proceeds of the sale shall accrue to the general fund of the local government unit concerned. Action Assailing Validity of Tax Sale. The amount so deposited shall be paid to the purchaser at the auction sale if the deed is declared invalid but it shall be returned to the depositor if the action fails.

Neither shall any court declare a sale at public auction invalid by reason of irregularities or informalities in the proceedings unless the substantive rights of the delinquent owner of the real property or the person having legal interest therein have been impaired. Treasurer to Certify Delinquencies Remaining Uncollected.

No action for the collection of the tax, whether administrative or judicial, shall be instituted after the expiration of such period. In case of fraud or intent to evade payment of the tax, such action may be instituted for the collection of the same within ten 10 years from the discovery of such fraud or intent to evade payment. The period of prescription within which to collect shall be suspended for the time during which: chanrobles virtual law library.

Proceeds of the Tax on Idle Lands. In the case of a municipality within the Metropolitan Manila Area, the proceeds shall accrue equally to the Metropolitan Manila Authority and the municipality where the land is located. Proceeds of the Special Levy. Condonation or Reduction of Tax by the President of the Philippines. Insurance Companies to Furnish Information. Fees in Court Actions. Sale and Forfeiture Before Effectivity of Code. Allocation to Local Government Units. Provided, finally, That the financial requirements of barangays created by local government units after the effectivity of this Code shall be the responsibility of the local government unit concerned.

Automatic Release of Shares. Local Development Projects. Copies of the development plans of local government units shall be furnished the Department of Interior and Local Government. Rules and Regulations. Amount of Share of Local Government Units. Allocation of Shares. Development and Livelihood Projects. General Policy. The proceeds from such transactions shall accrue directly to the local government unit concerned.

Deferred-Payment and other Financial Schemes. Bonds and Other Long-Term Securities. The sanggunian concerned shall, through an ordinance approved by a majority of all its members, declare and state the terms and conditions of the bonds and the purpose for which the proposed indebtedness is to be incurred.

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Local government units may, upon approval of their respective sanggunian, jointly or severally contract loans, credits, and other forms of indebtedness for purposes mutually beneficial to them. The proceeds from such loans shall accrue directly to the local government concerned. It shall be the duty of the local government unit concerned to disclose to the public all projects eligible for financing under this Section, including official notification of duly registered contractors and publication in newspapers of general or local circulation and in conspicuous and accessible public places.

Local projects under the build-operate-and-transfer agreement shall be confirmed by the local development councils. The conduct of public bidding and award of contracts for local government projects under this Section shall be in accordance with this Code and other applicable laws, rules and regulations. In the case of a build-operate-and-transfer agreement, the contract shall be awarded to the lowest complying bidder whose offer is deemed most advantageous to the local government and based on the present value of its proposed tolls, fees, rentals, and charges over a fixed term for the facility to be constructed, operated, and maintained according to the prescribed minimum design and performance standards, plans, and specifications.

For this purpose, the winning contractor shall be automatically granted by the local government unit concerned the franchise to operate and maintain the facility, including the collection of tolls, fees, rentals, and charges in accordance with subsection c-4 hereof.

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In the case of a build-operate-and-transfer agreement, the contract shall be awarded to the lowest complying bidder based on the present value of its proposed schedule of amortization payments for the facility to be constructed according to the prescribed minimum design and performance standards, plans, and specifications. In the case of a build-operate-and-transfer agreement, the repayment shall be made by authorizing the contractor to charge and collect reasonable tolls, fees, rentals, and charges for the use of the project facility not exceeding those proposed in the bid and incorporated in the contract: Provided, That the local government unit concerned shall, based on reasonableness and equity, approve the tolls, fees, rentals and charges: Provided, further, That the imposition and collection of tolls, fees, rentals and charges shall be for a fixed period as proposed in the bid and incorporated in the contract which shall in no case exceed fifty 50 years: Provided, finally, That during the lifetime of the contract, the contractor shall undertake the necessary maintenance and repair of the facility in accordance with standards prescribed in the bidding documents and in the contract.

In the case of a build-operate-and-transfer agreement, the repayment shall be made through amortization payments in accordance with the schedule proposed in the bid and incorporated in the contract. In case of land reclamation or construction of industrial estates, the repayment plan may consist of the grant of a portion or percentage of the reclaimed land or the industrial estate constructed. Remedies and Sanctions. Local Funds. The General Fund shall consist of monies and resources of the local government which are available for the payment of expenditures, obligations or purposes not specifically declared by law as accruing and chargeable to, or payable from, any other fund.

Special Funds. A trust fund shall only be used for the specific purpose for which it was created or for which it came into the possession of the local government unit. Separation of Books and Depository Accounts. Depository Accounts. Earnings of each depository account shall accrue exclusively thereto. Separation of Personal Money from Public Funds. Receipts, transfers, and expenditures involving the foregoing special accounts shall be properly taken up thereunder. Profits or income derived from the operation of public utilities and other economic enterprises, after deduction for the cost of improvement, repair and other related expenses of the public utility or economic enterprise concerned, shall first be applied for the return of the advances or loans made therefor.

Any excess shall form part of the general fund of the local government unit concerned. Submission of Detailed Statements of Income and Expenditures. Local Finance Committee. It shall exercise the following functions: chanrobles virtual law library. A copy of this report shall be furnished the local chief executive and the sanggunian concerned, and shall be posted in conspicuous and publicly accessible places in the provinces, cities, municipalities and barangays.

The said budget proposal shall be prepared in accordance with such policy and program guidelines as the local chief executive concerned may issue in conformity with the local development plan, the budgetary ceilings prescribed by the local finance committee, and the general requirements prescribed in this Title. Such budget proposals shall contain the following information: chanrobles virtual law library.

Preparation of the Budget by the Local Chief Executive. The local chief executive shall submit the said executive budget to the sanggunian concerned not later than the sixteenth 16th of October of the current fiscal year. Failure to submit such budget on the date prescribed herein shall subject the local chief executive to such criminal and administrative penalties as provided for under this Code and other applicable laws. Legislative Authorization of the Budget. Effectivity of Budgets. An ordinance enacting a supplemental budget, however, shall take effect upon its approval or on the date fixed therein.

The responsibility for the execution of the annual and supplemental budgets and the accountability therefor shall be vested primarily in the local chief executive concerned. Changes in the Annual Budget. After the local chief executive concerned shall have submitted the executive budget to the sanggunian, no ordinance providing for a supplemental budget shall be enacted, except when supported by funds actually available as certified by the local treasurer or by new revenue sources.

A supplemental budget may also be enacted in times of public calamity by way of budgetary realignment to set aside appropriations for the purchase of supplies and materials or the payment of services which are exceptionally urgent or absolutely indispensable to prevent imminent danger to, or loss of, life or property, in the jurisdiction of the local government unit or in other areas declared by the President in a state of calamity.

Such ordinance shall clearly indicate the sources of funds available for appropriations, as certified under oath by the local treasurer and local accountant and attested by the local chief executive, and the various items of appropriations affected and the reasons for the change. However, appropriations for capital outlays shall continue and remain valid until fully spent, reverted or the project is completed. Reversions of continuing appropriations shall not be allowed unless obligations therefor have been fully paid or otherwise settled. The balances of continuing appropriations shall be reviewed as part of the annual budget preparation and the sanggunian concerned may approve, upon recommendation of the local chief executive, the reversion of funds no longer needed in connection with the activities funded by said continuing appropriations subject to the provisions of this Section.

Failure to Enact the Annual Appropriations. If the sanggunian still fails to enact such ordinance after ninety 90 days from the beginning of the fiscal year, the ordinance authorizing the appropriations of the preceding year shall be deemed reenacted and shall remain in force and effect until the ordinance authorizing the proposed appropriations is passed by the sanggunian concerned. However, only the annual appropriations for salaries and wages of existing positions, statutory and contractual obligations, and essential operating expenses authorized in the annual and supplemental budgets for the preceding year shall be deemed reenacted and disbursement of funds shall be in accordance therewith.

In the implementation of such reenacted ordinance, the local treasurer concerned shall exclude from the estimates of income for the preceding fiscal year those realized from nonrecurring sources, like national aids, proceeds from loans, sale of assets, prior year adjustments, and other analogous sources of income. No ordinance authorizing supplemental appropriations shall be passed in place of the annual appropriations.

In case the revised income estimates be less than the aggregate reenacted appropriations, the local treasurer concerned shall accordingly advise the sanggunian concerned which shall, within ten 10 days from the receipt of such advice, make the necessary adjustments or reductions. The revised appropriations authorized by the sanggunian concerned shall then be the basis for disbursements. Budgetary Requirements. General Limitations. The appropriations for salaries, wages, representation and transportation allowances of officials and employees of the public utilities and economic enterprises owned, operated, and maintained by the local government unit concerned shall not be included in the annual budget or in the computation of the maximum amount for personal services.

The appropriations for the personal services of such economic enterprises shall be charged to their respective budgets;. Discretionary funds shall be disbursed only for public purposes to be supported by appropriate vouchers and subject to such guidelines as may be prescribed by law. No amount shall be appropriated for the same purpose except as authorized under this Section. If within ninety 90 days from receipt of copies of such ordinance, the sangguniang panlalawigan takes no action thereon, the same shall be deemed to have been reviewed in accordance with law and shall continue to be in full force and effect.

If within the same period, the sangguniang panlalawigan shall have ascertained that the ordinance authorizing annual or supplemental appropriations has not complied with the requirements set forth in this Title, the sangguniang panlalawigan shall, within the ninety-day period hereinabove prescribed, declare such ordinance inoperative in its entirety or in part. Items of appropriation contrary to limitations prescribed in this Title or in excess of the amounts prescribed herein shall be disallowed or reduced accordingly.

The sangguniang panlalawigan shall within the same period advise the sangguniang panlungsod or sangguniang bayan concerned through the local chief executive of any action on the ordinance under review. Upon receipt of such advice, the city or municipal treasurer concerned shall not make further disbursements of funds from any of the items of appropriation declared inoperative, disallowed or reduced. Duration of Appropriation. Preparation of the Barangay Budget. Effectivity of Barangay Budgets. The responsibility for the execution of the annual and supplemental budgets and the accountability therefor shall be vested primarily in the punong barangay concerned.

Review of the Barangay Budget. The sanggunian concerned shall have the power to review such ordinance in order to ensure that the provisions of this Title are complied with. If within sixty 60 days after the receipt of the ordinance, the sanggunian concerned takes no action thereon, the same shall continue to be in full force and effect. If within the same period, the sanggunian concerned shall have ascertained that the ordinance contains appropriations in excess of the estimates of the income duly certified as collectible, or that the same has not complied with the budgetary requirements set forth in this Title, the said ordinance shall be declared inoperative in its entirety or in part.

Items of appropriation contrary to, or in excess of, any of the general limitations or the maximum amount prescribed in this Title shall be disallowed or reduced accordingly. Upon receipt of such advice, the barangay treasurer or the city or municipal treasurer who has custody of the funds shall not make further disbursement from any item of appropriation declared inoperative, disallowed, or reduced.

Barangay Financial Procedures.


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He may collect real property taxes and such other taxes as may be imposed by a province, city or municipality that are due in his barangay only after being deputized by the local treasurer concerned for the purpose. Representatives of the Commission on Audit shall audit such accounts annually or as often as may be necessary and make a report of the audit to the sangguniang panlungsod or sangguniang bayan, as the case may be. The Commission on Audit shall prescribe and put into effect simplified procedures for barangay finances within six 6 months following the effectivity of this Code.

Use of Appropriated Funds and Savings. No ordinance shall be passed authorizing any transfer of appropriations from one item to another. However, the local chief executive or the presiding officer of the sanggunian concerned may, by ordinance, be authorized to augment any item in the approved annual budget for their respective offices from savings in other items within the same expense class of their respective appropriations. Restriction Upon Limit of Disbursements.

In case of emergency arising from a typhoon, earthquake, or any other calamity, the sanggunian concerned may authorize the local treasurer to continue making disbursements from any local fund in his possession in excess of the limitations herein provided, but only for such purposes and amounts included in the approved annual budgets. Any overdraft which may be incurred at the end of the year in any local fund by virtue of the provisions hereof shall be covered with the first collections of the immediately succeeding fiscal year accruing to such local fund.

Prohibitions Against Advance Payments. Cash Advances. Persons Accountable for Local Government Funds. Other local officers who, though not accountable by the nature of their duties, may likewise be similarly held accountable and responsible for local government funds through their participation in the use or application thereof.

The answer is obvious. Virtual reality technology is a great way for realtors to market staged properties with very little investment. Companies such as roOomy offer VR staging services to real estate agents. VR allows you to create stunning 3D real estate tours and get properties staged so that your clients can check them out. These models help potential buyers imagine the architecture. When it comes to interiors of these new constructions, real estate agents create large showrooms with full-scale models of apartments. Needless to say, these marketing methods require considerable investment.

Virtual reality can effectively solve this problem and allow potential homebuyers to carefully check out both the exterior and interior of yet-to-be-built properties. Thanks to VR, architectural visualization has become much cheaper and a lot more immersive. Real estate agents and landlords need to communicate with tenants a lot. This seems like a simple task, but what if your clients keep calling you and asking how to use a thermostat or where a certain switch is?

This can be a problem for businesses that offer short-term vacation rentals. Virtual reality technology helps landlords communicate efficiently with tenants. Tenants can simply put on VR headsets and experience 3D virtual tours. This takes quite little time but due to the immersiveness can be extremely helpful. This application of VR technology is particularly useful for the vacation rentals industry due to the high turnover rates.

They could go to an online store, choose a different piece of furniture, and add it to their three-dimensional tour. By making these changes, they can style a property according to their preferences. Moreover, even if clients make no changes to the interior of a property, they might be interested in buying pieces of furniture, curtains, and other items that are showcased in the virtual tour.

In this case, they can immediately visit a virtual store and order them. Well, it is. And to prove the point, have a look at our shortlist of the biggest benefits that virtual reality provides to real estate agents. This is probably the biggest benefit — virtual reality solutions save time for both clients and realtors. Instead, clients can simply put on VR headsets and enjoy immersive three-dimensional tours. But in this case, a real estate agent can get one and conduct virtual tours in their office. As virtual reality devices become more widespread, the majority of people will be able to take VR property tours without leaving their homes.

Moreover, the use of virtual reality in real estate means that all listed properties are open around the clock. With the help of VR headsets, homebuyers can visit houses and apartments literally any time, without realtors needing to spend a second of their time. Virtual tours of houses and apartments help your clients visualize each property. Full immersiveness of virtual house tours creates an emotional connection and engages clients a lot more efficiently than conventional 2D images, which may look quite a bit different from how a property looks in person.

Real estate agents know quite well how much time each client requires. Virtual reality can change this. Since most properties can be shown through virtual tours, realtors can work more productively. VR helps you showcase properties even to long-distance buyers.

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Of course, this means you can work with more clients and process more inquiries. Developing feature-rich 3D virtual tours may seem expensive, but think of the investment in traditional real estate marketing. Not only do you need to stage properties, you also need to provide high-quality pictures and lots of print materials particularly for new properties. Virtual reality helps you save a lot of money by using the power of degree videos and computer graphics. Today, making a guided video tour around a property requires just a panoramic camera and basic rendering. Nudging clients toward making a purchase or signing a rental agreement is the most challenging task for most real estate agents.

This establishes a sense of personal connection and ownership. You can enhance the customer experience by providing virtual tours with lots of interactive add-ons such as mortgage calculators, information about similar properties, and descriptions of neighborhoods. This will help your clients get all the information they need about properties before contacting you and asking to arrange real visits of houses or apartments they like most. Virtual reality technology has already started to transform the real estate industry. More real estate agents are likely to follow suit and use the benefits of VR to make their work more efficient.

The simplest forms of virtual home tours degree videos and photos are accessible to any realtor. As for more immersive and sophisticated VR experiences, there are lots of companies that can help real estate agents create them. Virtual reality is going to become a big thing, and it will transform many industries. If you want to stay updated on how businesses can implement VR and other new technologies, subscribe to our newsletter.

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