Guam - It's been over two decades since Rev & Tax has updated its valuation system. If this issue sounds familiar, it's because the department had spent the last year trying to complete its real property assessment that not only went unfinished but was slammed by a scathing audit showing millions in unrealized and lost tax revenues. Governor Eddie Calvo's deputy press secretary Phil Leon Guerrero says a contract has finally awarded to begin this long overdue process.
"What we're proud to announce today is that Cornerstone Valuation Guam has been awarded the contract to do the revaluation and this is a mass revaluation and reappraisals for all of real property on Guam we actually will begin to execute this contract and the contractor will do the work and based on the mass revaluation and reappraisal they're doing, we fully anticipate the property values to move up," he said.
According to Leon Guerrero this is good news in particular because this revaluation not only means more collections for the Territorial Education Facilities Fund that will go to our public schools but more resources for the Department of Education. It was in August of last year when the Guam Office of Public Accountability issued an audit of Rev & Tax's real property taxes identifying millions in "unrealized, lost and forgone tax revenues"- $15.7 million dollars to be exact.