WHEREAS, as a result thereof, the assessed valuation of lands has increased proportionately and equitably depending on the nature and use of the property; and
WHEREAS, increased assessment means increased real property taxes and, therefore, it is indicated that an equitable formula be adopted to afford real property owners to adjust their financial resources such that they would be in a position to pay their real property taxes on time;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested 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, order and make as part of the law of the land the following provisions:
20% on the tax due and payable during the year 1974;
15% on the tax due and payable during the year 1975;
10% on the tax due and payable during the year 1976; and
5% on the tax due and payable during the year 1977.
The Secretary of Finance shall formulate the rules and regulations for the proper implementation of this Decree.
All laws, rules and regulations inconsistent with this Decree are hereby repealed.
Done in the City of Manila, this 17th day of February, in the year of Our Lord, nineteen hundred and seventy-four.
(Sgd.) FERDINAND E. MARCOS |
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President |
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Republic of the Philippines |
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By the President: | |||
(Sgd.) ALEJANDRO MELCHOR | |||
Executive Secretary |
In order to facilitate the implementation of Presidential Decree No. 391, the Department of Finance issued Finance Department Order No. 6-74, dated March 21, 1974, entitled: "Granting a Descending Rate of Discount on the Real Property Tax on Lands Beginning with Calendar Year 1974."