GRANTING A DESCENDING RATE OF DISCOUNT ON THE REAL PROPERTY TAX ON LANDS BEGINNING WITH THE CALENDAR YEAR 1974

WHEREAS, with the application of the assessment levels fixed
under Presidential Decree No. 76 on the different classes of lands
against the current and fair market values thereof as determined by the
local assessors, equity in the assessed valuation of lands has been
attained;

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:

1. If the basic and additional real property tax or any
   quarterly installment thereof is paid in full within the prescribed
   period of payment, the taxpayer shall be granted a discount on the tax
   due as follows:

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.

2. The tax discount herein authorized shall apply only to lands
   and not to improvements, provided that only lands without any
   delinquency shall be granted the same.
3. In no case, however, shall the discounted tax be lower than
   the tax corresponding to the next preceding tax year.

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repealed.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.