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:

1. 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.
2. 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.
3. Education Foundations organized under Republic Act No. 6055, shall be exempt
   from the payment of the taxes mentioned in paragraph one hereof.
4. The classification “educational” shall apply only to educational
   institutions offering courses duly authorized and/or recognized by the
   Government.
5. 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.
6. Subsequent general revisions of assessments of these special classes of real
   property shall be governed by Presidential Decree No. 76.
7. 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.

			(Sgd.) FERDINAND E. MARCOS President Republic of the Philippines
	By the President:
	(Sgd.) ROBERTO V. REYES
		Assistant Executive Secretary