Article 137p. 137

NATIONAL INTERNAL REVENUE CODE TAXATION, TARIFF and CUSTOMS LAWS

value of real property or reduced by not more than one

per cent thereof;

2. For any tax year, the existing assessment level or levels

may be increased or decreased by not more than thirty

per cent;

3. As may be recommended by the Minister of Finance on

the basis of changes in price levels, the period of general

revision of property valuations for taxation purposes may

be extended up to five years or reduced to two years;

4.

Before any recommendation is submitted to the

president by the Minister of Finance pursuant to the

provisions of this section, a public hearing shall first be

held, whenever practicable, where interested parties shall

be afforded to a reasonable opportunity to be heard.

CHAPTER II APPRAISAL AND ASSESSMENT OF

REAL PROPERTY

Section 5. Appraisal of Real Property All real property,

whether taxable or exempt, shall be appraised at the

current and fair market value prevailing in the locality

where the property is situated.

Section 6. Declarations of Real Property by Owner or

Administrator. It shall be the duty of all persons, natural or

juridical, owning or administering real property, including

the improvements therein, within a city or municipality,

or their duly authorized representative, to prepare, or

cause to be prepared, and file with provincial or city

assessor, a sworn statement declaring the true value of

their

property,

whether

previously

declared

or

undeclared, taxable or exempt, which shall be the current

and fair market value of the property, as determined by

the

declarant.

Such

declaration

shall

contain

a

description of the property sufficient in detail to enable

the assessor or his deputy to identify the same for

assessment

purposes.

The

sworn

declaration of real

property herein referred to shall be filed with the assessor

concerned once every three years during the period from

January first to June thirtieth commencing with the

calendar year 1980, unless required earlier by the Minister

of Finance. (Amendments to Certain Sections of P.D. No.

464 As Amended (Real Property Tax Code), Presidential

Decree No. 1621, [April 19, 1979])

Section 6-A. It shall also be the duty of any person or his

authorized representative acquiring at any time real

property in any municipality or city or making any

improvement on real property, to prepare, or cause to be

prepared, and file with the provincial, city, or municipal

assessor, a sworn statement declaring the true value of

subject

property,

within

sixty

(60)

days

after

the

acquisition of such property, or upon completion or

occupancy of the improvement, whichever date comes

earlier. (as amended by Presidential Decree No. 1383,

[May 25, 1978])

Section 7. Declaration of Real Property by the Assessor

When any person, natural or juridical, by whom real

property is required to be declared under Section six

hereof refuses or fails for any reason to make such

declaration within the time prescribed, the provincial or

city assessor shall himself declare the property in the

name of the defaulting owner, if known, or against an

unknown owner, as the case may be, and shall assess the

property for taxation in accordance with the provisions of

this Code. No oath shall be required of a declaration thus

made by the provincial or city assessor.

Section 8. Listing of Real Property in the Assessment

Rolls. In every province and city, there shall be prepared

and maintained by the provincial or city assessor an

assessment roll wherein shall be listed all real property,

whether taxable or exempt, located within the province

or city. Real property shall be listed and valued in the

name of the owner or administrator, or anyone having

legal interest in the property.

The undivided real property of a deceased person may be

listed and valued in the name of the estate, or of the heirs

and devisee without designating them individually; and

undivided real property other than owned by a deceased

may be listed and valued in the name of one or more

co-owners; Provided; however, That such heir, devisee or

co-owner

shall

be

liable severally for all obligations

imposed by this Code and for the payment of the real

property tax with respect to the undivided property.

The

real

property

of

a

corporation,

partnership

or

association shall be entered and assessed in the same

manner as that of an individual.

Real property owned by the Republic of the Philippines,

its

political subdivisions and any government-owned

corporation so exempt by its charter, the beneficial use of

which has been granted, for consideration or otherwise,

to a taxable person, shall be listed for purposes of taxation

in the name of the grantee, or of the public entity if such

property has been acquired for resale or lease.

The assessment roll shall be prepared in accordance with

rules and regulations prescribed by the Secretary of

Finance.

Section 9. Proof of Exemption of Real Property from

Taxation. Every person by or for whom real property is

declared, who shall claim tax exemption for such property

under this Code shall file with the provincial or city

assessor

within

thirty

days

from

the

date

of

the

declaration

of

real

property

sufficient

documentary

evidence in support of such claim, including corporate

charters, titles or ownerships, articles of incorporation,

by-laws,

contracts,

affidavits

and

certifications

and

mortgage deeds, and similar documents.

If the required evidence is not submitted within the

period herein prescribed, the property shall be listed as

taxable in the assessment roll. However, it shall be proven

to be tax exempt the same shall be dropped from the roll

of taxable properties.

Section

10.

Real

property

Identification

System.

All

declarations of real property made under the provisions

of this Code shall be kept and filed under a uniform

identification system to be established by the provincial

of

city

assessors

in

accordance

with the rules and

regulations to be prescribed by the Secretary of Finance.

Section

11.

Notification of Transfer of Real Property

Ownership. Any person who shall transfer real property

ownership to another shall notify the assessor of the

province or city wherein the property is situated within

sixty days from the date of such transfer. The notification

shall include the particulars of the transfer, description of

the property alienated, and the name and address of the

transferee.

Section 12. Duty of Register of Deeds to Apprise Assessor

of Real Property Listed in Registry. To ascertain whether

or not any real property entered in the Registry of

Property

has

escaped

discovery

and

listing

for

the

purpose of taxation, the Register of Deeds shall prepare

and submit to the provincial or city assessor, within two

years from the date of approval of this Code an abstract of

his

registry,

which

shall

include

brief but sufficient

description of the real properties entered therein, their

present owners and the dates of their most recent

transfer

or

alienation's

accompanied

by

copies

of

corresponding deeds of sale, donation or partition or

other form of alienation.

It shall also be the duty of the Register of Deeds to require

every

person

who

shall

present

for

registration

a

document of transfer, alienation or encumbrance of real

property to accompany the same with a certificate to the

effect that the real property subject of the transfer,

alienation or encumbrance, as the case may be, has been

fully paid of all real property taxes due thereon. Failure to

provide such certificate shall be a valid cause for the

Register

of

Deeds

to refuse the registration of the

document.

Section 13. Duty of Official Issuing Building Permit or

Certificates of Registration of Machinery to Transmit Copy

to Assessor. Any public official or employee who may now

© Compiled by RGL

137 of 201