FURTHER AMENDING PRESIDENTIAL DECREE NO. 76, AS AMENDED BY PRESIDENTIAL DECREE NO. 261, BY EXTENDING THE DATE OF ACCRUAL OF THE BASIC TAX ON REAL PROPERTY ACTUALLY, DIRECTLY AND…

WHEREAS, in accordance with the provisions of the new
Constitution, real property used exclusively for educational purposes
arc no longer among those exempted from the real property tax;

WHEREAS, under the provisions of Presidential Decree No.
261, which amended Presidential Decree No. 76, all land, buildings and
other improvements thereon actually, directly and exclusively used by
the owner thereof for educational purposes shall be subject to the
payment of the real property lax at the rate prescribed thereon,
effective January 1, 1974; and

WHEREAS, educational institutions have made representations
that they be given sufficient time to adjust their financial plans in
order that they may be able to provide adequate funds for the prompt
payment of real property taxes;

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 and
order that:

1. The realty tax on real property actually, directly, and
   exclusively used by the owner thereof for educational purposes as
   prescribed under Presidential Decree No. 261 shall begin to accrue on
   January 1, 1975 instead of January 1, 1974; and
2. Such real properties shall be listed and assessed for
   taxation purposes during the calendar year 1974 on the basis of fifteen
   percent (15%) of their current and fair market values in accordance with
   the provisions of Presidential Decree No. 76, as amended by
   Presidential Decree No. 261.

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inconsistent with this Decree are hereby repealed or modified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 October,
in the year of Our Lord, nineteen hundred and seventy-three.