Professional Documents
Culture Documents
DONORS TAX
Donors Tax is a tax on a donation or gift, and is imposed on the gratuitous transfer of property between two or more
persons who are living at the time of the transfer. It shall apply whether the transfer is in trust or otherwise, whether
the gift is direct or indirect and whether the property is real or personal, tangible or intangible.
Filing Date
The return is filed within thirty (30) days after the gift (donation) is made. A separate return is filed for each gift
(donation) made on different dates during the year reflecting therein any previous net gifts made in the same
calendar year. In case of donation to relatives, however, only one return shall be filed for several gifts (donations) by
the donor to the different donees on the same date. If the gift (donation) involves conjugal/community property, each
spouse shall file separate return corresponding to his/her respective share in the conjugal/community property.
Documentary Requirements
The following requirements must be submitted upon field or office audit of the tax case before the Tax Clearance
Certificate/Certificate Authorizing Registration can be released:
1. Deed of Donation
2. Sworn Statement of the relationship of the donor to the donee.
3. Proof of tax credit, if applicable
4. Certified true copy(ies) of the Original/Transfer/Condominium Certificate of Title (front and back) of lot
and/or improvement donated, if applicable
5. Certified true copy(ies) of the latest Tax Declaration (front and back pages) of lot and/or improvement, if
applicable
6. Certificate of No Improvement issued by the Assessors office where the properties have no declared
improvement, if applicable
7. Proof of valuation of shares of stocks at the time of donation, if applicable
For listed stocks - newspaper clippings or certification issued by the Stock Exchange as to the par
value per share
For unlisted stocks - Audited Financial Statements duly certified by an independent certified
public accountant with computation of fair market value per share at the time of donation.
8. Proof of valuation of other types of personal properties, if applicable
9. Proof of claimed deductions, if applicable
10. Copy of Tax Debit Memo used as payment, if applicable
Additional requirements may be requested for presentation during audit of the tax case depending upon
existing audit procedures.
Tax Rates - Effective January 1, 1998 to present (Republic Act No. 8424)
Net Gift Over But not Over The Tax Shall be Plus Of the Excess Over
100,000.00 EXEMPT
100,000.00 200,000.00 0 2% 100,000.00
200,000.00 500,000.00 P 2,000.00 4% 200,000.00
500,000.00 1,000,000.00 14,000.00 6% 500,000.00
1,000,000.00 3,000,000.00 44,000.00 8% 1,000,000.00
3,000,000.00 5,000,000.00 204,000.00 10% 3,000,000.00
5,000,000.00 10,000,000.00 404,000.00 12% 5,000,000.00
10,000,000.00 and over 1,004,000.00 15% 10,000,000.00
NOTES:
1. Rate applicable shall be based on the law prevailing at the time of donation.
2. When the gifts are made during the same calendar year but on different dates, the donor's tax shall be
computed based on the total net gifts during the year.
Donation made to a stranger is subject to 30% of the net gift. A stranger is a person who is not a:
brother, sister (whether by whole or half-blood), spouse, ancestor and lineal descendants; or
relative by consanguinity in the collateral line within the fourth degree of relationship.
Procedures
File the return in triplicate (two copies for the BIR and one copy for the taxpayer) with any Authorized Agent Bank
(AAB) of the RDO having jurisdiction over the place of the domicile of the donor at the time of the transfer. In
places where there are no AAB, the return will be filed directly with the Revenue Collection Officer or duly
Authorized City or Municipal Treasurer where the donor was domiciled at the time of the transfer, or if there is no
legal residence in the Philippines, with Revenue District No. 39 - South Quezon City. In the case of gifts made by a
non-resident alien, the return may be filed with Revenue District No. 39 - South Quezon City, or with the Philippine
Embassy or Consulate in the country where donor is domiciled at the time of the transfer. Submit all documentary
requirements and proof of payment to the Revenue District Office having jurisdiction over the place of residence of
the donor. One-Time Transaction (ONETT) taxpayers shall mandatorily use the eBIRForms in filing all of their tax
returns. They may opt to submit their tax returns manually using the eBIRForms Offline Package in the RDO having
jurisdiction over the place of the domicile of the donor at the time of the transfer or electronically through the use of
the Online eBIRForms System. (Sec. 3(2) RR No. 6-2014). Please note that the time of filing and payment will vary
depending on the law applicable at the time of gift.
Deadlines
Within thirty days (30) after the date the gift (donation) is made. A separate return will be filed for each gift
(donation) made on the different dates during the year reflecting therein any previous net gifts made during the same
calendar year. If the gift (donation) involves conjugal/community property, each spouse will file separate returns
corresponding to his/ her respective share in the conjugal/community property. This rule will also apply in the case
of co-ownership over the property.
1. Who are required to file the Donors Tax Return? Every person, whether natural or juridical, resident or non-
resident, who transfers or causes to transfer property by gift, whether in trust or otherwise, whether the gift is
direct or indirect and whether the property is real or personal, tangible or intangible.
B. In the Case of Gifts Made by a Nonresident not a Citizen of the Philippines (Sec. 101 (B), NIRC as
amended)
Gifts made to or for the use of the National Government or any entity created by any of its
agencies which is not conducted for profit, or to any political subdivision of the said Government
Gifts in favor of an educational and/or charitable, religious, cultural or social welfare corporation,
institution, accredited non-government organization, trust or philantrophic organization or
research institution or organization, provided not more than 30% of said gifts will be used by such
donee for administration purposes.
C. Tax Credit for Donor's Taxes Paid to a Foreign Country (Sec. 101 (C), NIRC as amended)
In General. - The tax imposed by this Title upon a donor who was a citizen or a resident at the
time of donation shall be credited with the amount of any donor's tax of any character and
description imposed by the authority of a foreign country.
Limitations on Credit. - The amount of the credit taken under this Section shall be subject to each
of the following limitations:
- The amount of the credit in respect to the tax paid to any country shall not exceed the same
proportion of the tax against which such credit is taken, which the net gifts situated within such
country taxable under this Title bears to his entire net gifts; and
- The total amount of the credit shall not exceed the same proportion of the tax against
which such credit is taken, which the donor's net gifts situated outside the Philippines taxable
under this title bears to his entire net gifts.
4. For purposes of Donors Tax, what does the term Net Gift mean?
For purposes of the donors tax, NET GIFT shall mean the net economic benefit from the transfer that accrues to
the donee. Accordingly, if a mortgaged property is transferred as a gift, but imposing upon the donee the obligation
to pay the mortgage liability, then the net gift is measured by deducting from the fair market value of the property
the amount of mortgage assumed. (sec. 11, RR No. 2-2003)
5. Under R.A. No. 7166, any contribution in cash or in kind to any candidate or political party or coalition of parties
for campaign purposes shall not be subject to the payment of any gift tax. What instance will it be subject to Donors
Tax? Those contributions in cash or in kind NOT duly reported to the Commission on Elections (COMELEC) shall
not be subject to donors tax. Section 99 (C) of the Tax Code, as amended, provides that any contribution in cash or
in kind for campaign purposes shall be governed by R.A. No. 7166 or the Election Code.
Section 13 of the R.A. No. 7166 specifically states that any provision of law to the contrary notwithstanding any
contribution in cash or kind to any candidate or political party or coalition of parties for campaign purposes, duly
reported to the Commission shall not be subject to the payment of any gift tax (donors tax). Accordingly, the BIR
can impose donors tax on contributions of this nature. (Q-14, RMC No. 63-2009)
7. For purposes of Donors Tax, are donations between businesses considered donations made between strangers?
Donation made between business organizations and those made between an individual and a business organization
shall be considered as donation made to a stranger. (sec. 10, RR No. 2-2003)
9. Is an onerous donation or donation in exchange for goods, services or use or lease of properties to Homeowners
Association subject to Donors Tax?
Pursuant to RMC No. 9-2013, Associations are subject to the corresponding internal revenue taxes imposed under
the Tax Code of 1997 on their income of whatever kind and character. In this regard, contributions to associations in
exchange for goods, services and use of properties constitute as other assessments/charges from activity in exchange
for the performance of a service, use of properties or delivery of an object. As such, these fees are income on the
part of the associations that are subject to income tax under Section 27 of the Tax Code, as amended. (III, RMC No.
53-2013)
10. What is the proper treatment for transactions involving transfer of property other than real property referred to in
Section 24 (D) for less than adequate and full consideration?
Where property, other than real property referred to in Section 24 (D) of the NIRC, as amended, is transferred for
less than adequate and full consideration in money or moneys worth, then the amount by which the fair market
value of the property exceeded the value of the consideration shall, for the purpose of Donors Tax, be deemed a
gift, and shall be included in computing the amount of gifts made during the calendar year. (Sec. 100, NIRC, as
amended)
11. What entities are considered exempted from Donors Tax under special laws?
The list below consists of entities considered Donors Tax exempt under special laws including, but not limited to
the following:
Rural Farm School (Sec. 14, R.A. No. 10618)
Peoples Television Network, Incorporated (Sec. 15, R.A. No. 10390)
Peoples Survival Fund (Sec. 13, R.A. No. 10174)
Aurora Pacific Economic Zone and Freeport Authority (Sec. 7, R.A. No. 10083)
Girl Scouts of the Philippines (Sec. 11, R.A. No. 10073)
Philippine Red Cross (Sec. 5, R.A. No. 10072)
Tubbataha Reefs Natural Park (Sec. 17, R.A. No. 10067)
National Commission for Culture and the Arts (Sec. 35, R.A. No. 10066)
Philippine Normal University (Sec. 7, R.A. No. 9647)
University of the Philippines (Sec. 25, R.A. No. 9500)
National Water Quality Management Fund (Sec. 9, R.A. No. 9275)
Philippine Investors Commission (Sec. 9, R.A. No. 3850)
Ramon Magsaysay Award Foundation (Sec. 2, R.A. 3676)
Philippine-American Cultural Foundation (Sec. 4, P.D. 3062)
International Rice Research Institute (Art. 5(2), PD 1620)
Task Force on Human Settlements (Sec. 3(b)(8), E.O. 419)
National Social Action Council (Sec. 4, P.D. 294)
Aquaculture Department of the Southeast Asian Fisheries Development Center (Sec. 2, P.D. 292)
Development Academy of the Philippines (Sec. 12, PD 205)
Integrated Bar of the Philippines (Sec. 3, PD 181)
12. How do we determine the fair market value of the unlisted stocks?
In determining the value of the shares, the Adjusted Net Asset Method shall be used whereby all assets and
liabilities are adjusted to fair market values. The net of adjusted asset minus the adjusted liability value is the
indicated value of the equity.
For purposes of this item, the appraised value of real property at the time of sale shall be the highest among the
following:
(a) The fair market value as determined by the Commissioner, or
(b) The fair market value as shown in the schedule of values fixed by the Provincial and City
Assessors, or
(c) The fair market value as determined by Independent Appraiser. (RR NO. 6-2013) (Annex U)
ESTATE TAX
Estate Tax is a tax on the right of the deceased person to transmit his/her estate to his/her lawful heirs and
beneficiaries at the time of death and on certain transfers, which are made by law as equivalent to testamentary
disposition. It is not a tax on property. It is a tax imposed on the privilege of transmitting property upon the death of
the owner. The Estate Tax is based on the laws in force at the time of death notwithstanding the postponement of the
actual possession or enjoyment of the estate by the beneficiary.
Documentary Requirements
1. Notice of Death duly received by the BIR, if gross estate exceeds P20,000 for deaths occurring on
or after Jan. 1, 1998; or if the gross estate exceeds P3,000 for deaths occurring prior to January 1,
1998,
2. Certified true copy of the Death Certificate,
3. Deed of Extra-Judicial Settlement of the Estate, if the estate is settled extra judicially,
4. Court Orders/Decision, if the estate is settled judicially,
5. Affidavit of Self-Adjudication and Sworn Declaration of all properties of the Estate,
6. A certified true copy of the schedule of partition of the estate and the order of the court approving
the same, ONLY if applicable,
7. Certified true copy(ies) of the Transfer/Original/Condominium Certificate of Title(s) of real
property(ies) (front and back pages), ONLY if applicable,
8. Certified true copy of the latest Tax Declaration of real properties at the time of death, if
applicable,
9. "Certificate of No Improvement" issued by the Assessor's Office declared properties have no
declared improvement or Sworn Declaration/Affidavit of No Improvement by at least one (1) of
the transferees,
10. Certificate of Deposit/Investment/Indebtedness owned by the decedent and the surviving spouse,
if applicable,
11. Photo copy of Certificate of Registration of vehicles and other proofs showing the correct value of
the same, if applicable,
12. Photo copy of certificate of stocks, if applicable,
13. Proof of valuation of shares of stocks at the time of death, if applicable
For listed stocks - newspaper clippings or certification from the Stock Exchange
For unlisted stocks - Audited Financial Statements duly certified by an independent
certified public accountant with computation of fair market value per share at the time of
death,
14. Proof of valuation of other types of personal property, if applicable,
15. Proof of claimed tax credit, if applicable,
16. CPA Statement on the itemized assets of the decedent, itemized deductions from gross estate and
the amount due if the gross value of the estate exceeds two million pesos, if applicable,
17. Certification of Barangay Captain for claimed Family Home,
18. Duly notarized Promissory Note for "Claims against the Estate" arising from Contract of Loan,
19. Accounting of the proceeds of loan contracted within three (3) years prior to death of the decedent,
20. Proof of the claimed "Property Previously Taxed",
21. Proof of claimed "Transfer for Public Use", AND
22. Copy of Tax Debit Memo used as payment, if applicable
Additional requirements may be requested for presentation during audit of the tax case depending
upon existing audit procedures.
Tax Rates
Over But not Over The Tax Shall be Plus Of the Excess Over
P 200,000.00 EXEMPT
P 200,000.00 500,000.00 0 5% P 200,000.00
500,000.00 2,000,000.00 P 15,000.00 8% 500,000.00
2,000,000.00 5,000,000.00 135,000.00 11 % 2,000,000.00
5,000,000.00 10,000,000.00 465,000.00 15 % 5,000,000.00
10,000,000.00 AND UP 1,215,000.00 20 % 10,000,000.00
Procedures
The heirs/authorized representative/administrator/executor shall file the estate tax return (BIR Form 1801) and pay
the corresponding estate tax with the Authorized Agent Bank (AAB), Revenue Collection Officer (RCO) or duly
authorized Treasurer of the city or municipality in the Revenue District Office having jurisdiction over the place of
domicile of the decedent at the time of his death, pursuant to Section 90(D) of the Tax Code, as amended. In case of
a non-resident decedent, with executor or administrator in the Philippines, the estate tax return shall be filed with the
AAB of the RDO where such executor/administrator is registered or is domiciled, if not yet registered with the
BIR.For non-resident decedent with no executor or administrator in the Philippines, the estate tax return shall be
filed with the AAB under the jurisdiction of RDO No. 39 South Quezon City. The heir/authorized
representative/administrator/executor shall submit all the applicable documentary requirements as prescribed in
Annexes A-6 and A-6.1 of Revenue Memorandum Order (RMO) No. 15-2003 and proof of payment to the RDO
having jurisdiction over the place of residence of the decedent or the RDO where the executor or administrator is
registered, or RDO No. 39 South, Quezon City, whichever is applicable. (part II, par.(4)of RMC No. 34-2013).
Payment of Estate Tax by installment - In case the available cash of the estate is not sufficient to pay its total estate
tax liability, the estate may be allowed to pay the tax by installment and a clearance shall be released only with
respect to the property, the corresponding/computed tax on which has been paid. (Section 9(F) of RR 2-2003). One-
Time Transaction (ONETT) taxpayers shall mandatorily use the eBIRForms in filing all of their tax returns. They
may opt to submit their tax returns manually using the eBIRForms Offline Package in the Revenue District Office
having jurisdiction over the place of domicile of the decedent at the time of his death or electronically through the
use of the Online eBIRForms System. (Sec. 3(2) RR No. 6-2014). Please note that the time of payment will vary
depending on the law applicable at the time of the decedents death.
Deadlines
File the return within six (6) months from decedent's death. However, the Commissioner may, in meritorious cases,
grant extension not exceeding thirty (30) days. The Estate Tax imposed shall be paid at the time the return is filed by
the executor or administrator or the heirs. However, when the Commissioner finds that payment on the due date of
the Estate Tax or of any part thereof would impose undue hardship upon the estate or any of the heirs, he may
extend the time for payment of such tax or any part thereof not to exceed five (5) years, in case the estate is settled
through the courts or two (2) years in case the estate is settled extra-judicially. In all cases of transfers subject to tax,
or where, though exempt from tax, the gross value of the estate exceeds Twenty Thousand Pesos (P 20,000), Section
89 of the National Internal Revenue Code of 1997 (Tax Code), as amended, provides that the executor, administrator
or any of the legal heirs, shall send a written notice of death to the Commissioner within two (2) months after the
decedents death or within a like period after an executor or administrator qualify as such. (part II, par.(1)of RMC
No. 34-2013). Please note that the time of filing will vary depending on the law applicable at the time of the
decedents death.
When the Commissioner finds that the payment of the estate tax or of any part thereof would imposed undue
hardship upon the estate or any of the heirs, he may extend the time for payment of such tax or any part thereof not
to exceed five (5) years in case the estate is settled through the courts, or two (2) years in case it settled extra-
judicially. Where the request for extension is by reason of negligence, intentional disregard of rules and regulations,
or fraud on the part of the taxpayer, no extension will be granted by the Commissioner. If an extension is granted,
the Commissioner or his duly authorized representative may require the executor, or administrator, or beneficiary, as
the case may be, to furnish a bond in such amount, not exceeding double the amount of tax and with such sureties as
the Commissioner deems necessary, conditioned upon the payment of the said tax in accordance in the terms of
extension. The request for extension shall be filed with the Revenue District Officer (RDO) where the estate is
required to secure its TIN and file the estate tax return. The application shall be approved by the Commissioner or
his duly authorized representative.
Frequently Asked Questions
B. Property previously taxed (Vanishing Deduction) (Section 86(2) of the NIRC as amended by Republic Act
No. 8424)
An amount equal to the value specified below of any property forming a part of the gross estate situated in
the Philippines of any person who died within five (5) years prior to the death of the decedent, or
transferred to the decedent by gift within five (5) years prior to his death, where such property can be
identified as having been received by the decedent from the donor by gift, or from such prior decedent by
gift, bequest, devise or inheritance, or which can be identified as having been acquired in exchange for
property so received:
One hundred percent (100%) of the value, if the prior decedent died within one (1) year prior to
the death of the decedent, or if the property was transferred to him by gift within the same period
prior to his death;
Eighty percent (80%) of the value, if the prior decedent died more than one (1) year but not more
than two (2) years prior to the death of the decedent, or if the property was transferred to him by
gift within the same period prior to his death;
Sixty percent (60%) of the value, if the prior decedent died more than two (2) years but not more
than three (3) years prior to the death of the decedent, or if the property was transferred to him by
gift within the same period prior to his death;
Forty percent (40%) of the value, if the prior decedent died more than three (3) years but not more
than four (4) years prior to the death of the decedent, or if the property was transferred to him by
gift within the same period prior to his death; and
Twenty percent (20%) of the value, if the prior decedent died more than four (4) years but not
more than five (5) years prior to the death of the decedent, or if the property was transferred to him
by gift within the same period prior to his death;
These deductions shall be allowed only where a donors tax or estate tax imposed was finally determined
and paid by or on behalf of such donor, or the estate of such prior decedent, as the case may be, and only in
the amount finally determined as the value of such property in determining the value of the gift, or the
gross estate of such prior decedent, and only to the extent that the value of such property is included in the
decedents gross estate, and only if in determining the value of the estate of the prior decedent, no Property
Previously Taxed or Vanishing Deduction was allowable in respect of the property or properties given in
exchange therefor. (Section 6 & 7 of RR 2-2003)
D. The family home - fair market value but not to exceed P1,000,000.00
The family home refers to the dwelling house, including the land on which it is situated, where the husband
and wife, or a head of the family, and members of their family reside, as certified to by the Barangay
Captain of the locality. The family home is deemed constituted on the house and lot from the time it is
actually occupied as a family residence and is considered as such for as long as any of its beneficiaries
actually resides therein. (Arts. 152 and 153, Family Code)
E. Standard deduction A deduction in the amount of One Million Pesos (P1,000,000.00) shall be allowed as
an additional deduction without need of substantiation.
F. Medical expenses All medical expenses (cost of medicines, hospital bills, doctors fees, etc.) incurred
(whether paid or unpaid) within one (1) year before the death of the decedent shall be allowed as a
deduction provided that the same are duly substantiated with official receipts. For services rendered by the
decedents attending physicians, invoices, statements of account duly certified by the hospital, and such
other documents in support thereof and provided, further, that the total amount thereof, whether paid or
unpaid, does not exceed Five Hundred Thousand Pesos (P500,000).
G. Amount received by heirs under Republic Act No. 4917 - Any amount received by the heirs from the
decedents employer as a consequence of the death of the decedent-employee in accordance with Republic
Act No. 4917 is allowed as a deduction provided that the amount of the separation benefit is included as
part of the gross estate of the decedent.
H. Net share of the surviving spouse in the conjugal partnership or community property
For a non-resident alien NO family home, standard deduction, medical expenses, RA 4917
A. Expenses, losses, indebtedness and taxes
B. Property previously taxed
C. Transfers for public use
D. Net share of the surviving spouse in the conjugal partnership or community property
No deduction shall be allowed in the case of a non-resident decedent not a citizen of the Philippines, unless
the executor, administrator, or anyone of the heirs, as the case may be, includes in the return required to be
filed in the Section 90 of the Code the value at the time of the decedents death of that part of his gross
estate not situated in the Philippines. Please note that the allowable deductions will vary depending on the
law applicable at the time of the decedents death.
6. What does the term "Funeral Expenses" include? (Sec 6 (A)(1) of RR 2-2003)
The term "FUNERAL EXPENSES" is not confined to its ordinary or usual meaning. They include:
(a) The mourning apparel of the surviving spouse and unmarried minor children of the deceased bought and
used on the occasion of the burial;
(b) Expenses for the deceaseds wake, including food and drinks;
(c) Publication charges for death notices;
(d) Telecommunication expenses incurred in informing relatives of the deceased;
(e) Cost of burial plot, tombstones, monument or mausoleum but not their upkeep. In case the deceased owns a
family estate or several burial lots, only the value corresponding to the plot where he is buried is deductible;
(f) Interment and/or cremation fees and charges; and
(g) All other expenses incurred for the performance of the rites and ceremonies incident to interment.
Expenses incurred after the interment, such as for prayers, masses, entertainment, or the like are not
deductible. Any portion of the funeral and burial expenses borne or defrayed by relatives and friends of the
deceased are not deductible. Actual funeral expenses shall mean those which are actually incurred in
connection with the interment or burial of the deceased. The expenses must be duly supported by official
receipts or invoices or other evidence to show that they were actually incurred.
7. What does the term "Judicial Expenses" include? (Sec 6 (A)(2) of RR 2-2003)
Expenses allowed as deduction under this category are those incurred in the inventory-taking of assets comprising
the gross estate, their administration, the payment of debts of the estate, as well as the distribution of the estate
among the heirs. In short, these deductible items are expenses incurred during the settlement of the estate but not
beyond the last day prescribed by law, or the extension thereof, for the filing of the estate tax return. Judicial
expenses may include:
(a) Fees of executor or administrator;
(b) Attorneys fees;
(c) Court fees;
(d) Accountants fees;
(e) Appraisers fees;
(f) Clerk hire;
(g) Costs of preserving and distributing the estate;
(h) Costs of storing or maintaining property of the estate; and
(i) Brokerage fees for selling property of the estate.
Any unpaid amount for the aforementioned cost and expenses claimed under Judicial Expenses should be
supported by a sworn statement of account issued and signed by the creditor.
8. What are the requisites for deductibility of claims against the Estate? (Sec 6(A)(3) of RR 2-2003)
(a) The liability represents a personal obligation of the deceased existing at the time of his death except unpaid
obligations incurred incident to his death such as unpaid funeral expenses (i.e., expenses incurred up to the time of
interment) and unpaid medical expenses which are classified under a different category of deductions pursuant to
these Regulations;
(b) The liability was contracted in good faith and for adequate and full consideration in money or moneys worth;
(c) The claim must be a debt or claim which is valid in law and enforceable in court;
(d) The indebtedness must not have been condoned by the creditor or the action to collect from the decedent must
not have prescribed.
9. How do we determine the fair market value of the unlisted stocks? (RR NO. 6-2013) (Annex U)
In determining the value of the shares, the Adjusted Net Asset Method shall be used whereby all assets and
liabilities are adjusted to fair market values. The net of adjusted asset minus the adjusted liability value is the
indicated value of the equity. For purposes of this item, the appraised value of real property at the time of sale shall
be the highest among the following:
(a) The fair market value as determined by the Commissioner, or
(b) The fair market value as shown in the schedule of values fixed by the Provincial and City Assessors, or
(c) The fair market value as determined by Independent Appraiser.