Real property shall be assessed based on what type of classification?

Real property assessment is fundamentally based on the concept of general classification within local government units. This means that properties are categorized according to their characteristics, usage, and other relevant criteria determined at the local level. The general classification system allows local governments to structure their assessment processes in a way that reflects the diverse nature of properties within their jurisdictions, ensuring that properties similar in purpose and value are grouped together for assessment purposes.

Implementing a general classification framework promotes fairness and objectivity in property taxation, as it accommodates various property types and values. Instead of applying a one-size-fits-all approach, local government units (LGUs) can tailor their classifications to align with the specific needs and circumstances of their communities. This flexibility is vital for reflecting the unique economic, social, and environmental aspects present in different areas.

In contrast, uniform, standard, and regular classifications would imply a more rigid or standardized approach, which does not accommodate the diversity found within different localities. Such rigid classifications could lead to inconsistencies and inequities in how properties are assessed and taxed, making it less effective in addressing the localized nature of real estate. Thus, the rationale for using general classification is to enhance the accuracy and equity of the assessment process within each local government unit.