[ PRESIDENTIAL DECREE NO. 261, August 02, 1973 ]
AMENDING PRESIDENTIAL DECREE NO. 76 BY PRESCRIBING ASSESSMENT LEVELS FOR SPECIAL CLASSES OF REAL PROPERTY.
WHEREAS, Presidential Decree No. 76 classifies real property
for purposes of the real property tax into commercial, industrial, mineral,
agricultural and residential;
WHEREAS, there are other kinds of real property, such as
educational, cultural, scientific, recreational, and so forth, which by their
nature and use, do not fall squarely under any of the above-mentioned
classifications; and
WHEREAS, the latter should be considered as special classes
with corresponding assessment levels;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers vested in me by the Constitution as
Commander-in-Chief of all the Armed Forces of the Philippines and pursuant to
Proclamation No. 1081, dated September 21, 1972, and General Order No. 1, dated
September 22, 1972, as amended, do hereby decree and other that:
- All land, buildings and other improvements thereon actually, directly and
exclusively used by the owner thereof for educational, cultural or scientific
purposes shall be classified as such and subject to the payment of the basic
real property tax. Such properties shall be exempt from the payment of the
additional one per centum tax under Republic Act. No. 5447: Provided, however,
That such properties located within Metropolitan Manila shall be subject to the
additional real property tax of one-eight of one per centum of the assessed
value, the proceeds of which shall accrue to the Greater Manila Metropolitan
Area Flood Control and Drainage Fund Account created under Presidential Decree
No. 18.
- The assessed valuation of the properties referred to in paragraph one
hereof, which shall be the basis for the payment of real property tax beginning
with the calendar year 1974, shall be fifteen per centum of their current and
fair market value as determined by the assessor.
- Education Foundations organized under Republic Act No. 6055, shall be exempt
from the payment of the taxes mentioned in paragraph one hereof.
- The classification "educational" shall apply only to educational
institutions offering courses duly authorized and/or recognized by the
Government.
- Land, buildings and other improvements thereon actually, directly and
exclusively used by the owner thereof purely for recreational purposes and not
for business or in connection therewith shall be considered also as special
class with an assessment level of thirty per centum and subject to the payment
of the basic and the additional real property taxes under Republic Act. No. 5447
and Presidential Decree No. 18.
- Subsequent general revisions of assessments of these special classes of real
property shall be governed by Presidential Decree No. 76.
- This Decree shall form part of the laws of the land and shall take effect
immediately. All laws, orders, rules and regulations which are inconsistent with
this Decree are hereby repealed or modified accordingly.
Done in the City of Manila, this 2nd day of August, in the year of Our Lord,
nineteen hundred and seventy-three.
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(Sgd.) FERDINAND E. MARCOS President
Republic of the Philippines |
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By the President: |
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(Sgd.) ROBERTO V. REYES |
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Assistant Executive Secretary
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