SANTA MONICA, SURIGAO DEL NORTE — Real estate investors know that the government's Schedule of Market Values (SMV) is a reliable indicator of property appreciation. On June 10, 2026, the Bureau of Local Government Finance (BLGF) published an updated SMV for the Municipality of Santa Monica, Surigao del Norte, a move that property watchers are closely monitoring for clues about where the market is heading.
What the Schedule of Market Values Means for Property Owners
The SMV serves as the official guide for property appraisal within a local government unit. It establishes the base unit market value for all kinds of real property, which in turn determines how much property tax owners will pay. Under the Real Property Valuation and Assessment Reform Act (Republic Act No. 12001), a landmark piece of legislation that modernizes the country's real property valuation system, LGUs are required to update their SMVs regularly to reflect prevailing market conditions.
For property owners in Santa Monica, the updated SMV provides greater transparency and a more accurate reflection of current market values. It also aligns the municipality with national standards for real property valuation, as mandated by the BLGF.
A Growing Market on Siargao Island
Santa Monica, also known as Sapao, is one of the two northernmost towns of Siargao Island. The municipality has a population of approximately 9,400 people as of the 2020 census and is classified as a 5th class municipality. Despite its relatively small size, Santa Monica has been attracting attention from real estate investors, with property listings showing a wide price range, from affordable lots to high-end residential properties.
The updated SMV is expected to have a significant impact on property transactions in the area. Buyers and sellers will now have a more reliable reference point for negotiations, while local government will benefit from a more equitable tax base.
A Positive Signal for Investors
For investors, an updated SMV is often a sign of a maturing real estate market. It indicates that the local government is taking steps to modernize its property valuation system and align with national standards. This can lead to increased investor confidence and, ultimately, higher property values over time.
The BLGF's publication of the updated SMV for Santa Monica is part of a broader effort to standardize real property valuation across the country under the Real Property Valuation and Assessment Reform Act. As more LGUs adopt updated SMVs, the Philippine real estate market becomes more transparent and predictable, good news for both local homeowners and outside investors.
A Note for Property Owners
Property owners are encouraged to visit the Municipal Assessor's Office in Santa Monica to understand how these updated values specifically affect their real estate holdings.
