Article 139p. 139

NATIONAL INTERNAL REVENUE CODE TAXATION, TARIFF and CUSTOMS LAWS

MARKET VALUE

Residential

Commercial/

Agricultural

Industrial

P30,000 or less

15%

50%

40%

More than P30,000 but

not exceeding P50,000

20%

55%

45%

More than P50,000 but

not exceeding P75,000

25%

60%

50%

More than P75,000 but

not exceeding 125,000

35%

65%

55%

More than 125,000 but

not exceeding 175,000

45%

70%

60%

More than 175,000 but

not exceeding 250,000

55%

75%

65%

More than 250,000 but

not exceeding 350,000

65%

80%

70%

More than P350,000

but not exceeding

P500,000

75%

80%

75%

More than P500,000

80%

80%

80%

2. For Machineries:

ACTUAL USE

ASSESSMENT LEVEL

Agricultural

60%

Residential

70%

Commercial

80%

Industrial

80%

d) Special Classes. The assessment level for all lands,

buildings

and

other improvements thereon, actually,

directly and exclusively used for educational, cultural,

scientific or recreational purposes, as well as hospitals not

owned and operated by the government or by any of its

instrumentalities shall be fifteen percent (15%) of the

market value of such properties. The special class of real

properties used for recreational purposes herein referred

to shall apply only to such properties which are owned by

sports

or

athletic

clubs

or

such

other

recreational

organizations

not

operated

primarily

for

profit.

(Amendments to Certain Sections of P.D. No. 464 As

Amended (Real Property Tax Code), Presidential Decree

No. 1621, [April 19, 1979])

For

the

first

general

revision

of

assessment

to

be

undertaken after the approval of this Code and every

three years thereafter, the assessment levels hereinabove

prescribed for the different classes of real property may

be increased at rates to be fixed by the Minister of

Finance, but in no case shall such increase in rates exceed

ten percent of the assessment levels herein prescribed for

each class of real property. (Amendments to Certain

Sections of P.D. No. 464 As Amended (Real Property Tax

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

Section 21. General Revision of Assessments Once in

Every Three Years. — Beginning July 1, 1981 to June 30,

1982, the provincial or city assessor shall make a general

revision of real property assessments in the province or

city to take effect on January 1, 1983, and once every three

years

thereafter;

Provided,

however, That if property

values in a province or city, or in any municipality, have

greatly

changed since the last general revision, the

provincial or city assessor may, with the approval of the

Minister of Finance or upon his discretion, undertake a

general revision of assessments in the province or city, or

in

any

municipality

before the third year from the

effectivity of the last general revision. (Amendments to

Certain Sections of P.D. No. 464 As Amended (Real

Property Tax Code), Presidential Decree No. 1621, [April 19,

1979])

Section

22.

Valuation

of

Real

Property.

Upon

the

discovery of real property or during the general revision of

property assessments as provided in Section twenty-one

of this Code or at any time when requested by the person

in whose name the property is declared, the provincial or

city assessor or his authorized deputy shall make an

appraisal and assessment in accordance with Section five

hereof of the real property listed and described in the

declaration irrespective of any previous assessment or

taxpayer's valuation thereon: Provided; however, That the

assessment of real property shall not be increased oftener

than

once

every

five years in the absence of new

improvements increasing the value of said property or of

any change in its use, except as otherwise provided in this

Code.

Section

23.

Certification

of

Revised

Values

to

the

Secretary of Finance. When the provincial or city assessor

shall

have

finished

a

general

revision

of

property

assessments for any province, municipality or city, he shall

so

certify

to

the

Secretary

of

Finance

and

the

assessments

shall

become

effective

and

taxes

shall

accrue and be payable thereunder in accordance with

the provisions of this Code.

Section

24.

Date

of

Effectivity

of

Assessment

or

Reassessment. All assessments or reassessments made

after the first day of January of any year shall take effect

on the first day of January of the succeeding year:

Provided, however, That the reassessment of real property

due to its partial or total destruction, or to a major change

in its actual use, or to any great and sudden inflation or

deflation of real property values, or to the gross illegality

of the assessment when made or to any other abnormal

cause, shall be made within ninety days from the date

any such cause or causes occurred, the same to take

effect at the beginning of the quarter next following the

reassessment.

Section 25. Assessment of Property Subject to Back

Taxes. Real property declared for the first time shall have

back taxes assessed against it for the period during which

it would have been liable if assessed from the first in

proper course but in no case for more than ten years prior

to the year of initial assessment; Provided, however, that

the back taxes shall be computed on the basis of the

applicable

schedule

of

values

in

force

during

the

corresponding period.

If said taxes are paid before the expiration of the tax

collection

period

next

ensuing,

no

penalty

for

delinquency shall be imposed, otherwise the taxes shall

be subject to all the penalties to which they would have

been liable and had they originally become delinquent

after assessment of the property in the usual course.

Section

26.

Binding

effect

of

Assessment

or

Reassessment. All assessments and reassessments made

under the provisions of this Code shall be valid and

binding on all persons having legal interest on the

property.

Section 27. Notification of New or Revised Assessments.

When real property is assessed for the first time or when

an exercising assessment is increased or decreased, the

province or city shall within thirty days give written notice

of such new or revised assessment to the person in

© Compiled by RGL

139 of 201