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PRESIDENTIAL DECREE NO. 1812
PRESIDENTIAL DECREE NO. 1812
- AMENDING PRESIDENTIAL DECREE NO. 464, AS AMENDED, OTHERWISE KNOWN AS
THE REAL PROPERTY TAX CODE, BY GRANTING SPECIAL AUTHORITY TO THE
PRESIDENT TO PROVIDE FLEXIBILITY IN THE REAL PROPERTY TAX SYSTEM TO
MEET ECONOMIC EXIGENCIES AND/OR PROMOTE THE GENERAL WELFARE
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chanroblesvirtualawlibrary
WHEREAS,
under present laws, the local political subdivisions are empowered to
assess and collect the real property tax which is the main source of
local government revenues; chanroblesvirtualawlibrary
WHEREAS, experience has amply shown the need for a mechanism to provide
for flexibility in the real property tax system to meet exigencies as
they arise; chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
order and decree the following:cralaw:red
Section 1. There is hereby inserted after Section 4
of Chapter I, General Provisions, of the Real Property Tax Code, as
amended, a new Section denominated as Section 4-A, to read as follows:cralaw:red
"Sec. 4-A. Grant of Special Powers to the President.
— In the interest of local economy and the general welfare and subject
to the conditions and limitations herein prescribed, the president,
upon recommendation of the Minister of Finance, is hereby empowered to
make adjustments in the Real Property Tax System, as regards:cralaw:red
(a) The classification of real properties for
taxation purposes;chanroblesvirtualawlibrary
(b) The frequency of general revisions of property
valuations;chanroblesvirtualawlibrary
(c) The assessment levels or assessed values of real
properties, and
(d) The extent of exemption from real property tax
and rates of levy.
The above powers may be exercised by the President if any of the
following conditions exists:cralaw:red
(1) Where, in the light of economic, social and other
relevant changes, it becomes necessary to modify or adjust the
classification of real properties, their assessment levels and/or
taxable values on the basis of new concepts of essentiality and modern
approaches to real property valuation;chanroblesvirtualawlibrary
(2) Whenever, by reason of fluctuation of currency
value, inflation or deflation, and changing development needs of the
country, the existing assessment levels and/or tax rates are no longer
realistic; or
(3) Where in view of new social and economic
conditions, it becomes imperative to change real property assessment
patterns for taxation purposes.
The special powers hereinabove provided for shall, however be subject
to the following specific limitations:cralaw:red
(1) The maximum rates of levy fixed in this code may
be increased by not more than two per cent of the assessed value of
real property or reduced by not more than one per cent thereof;chanroblesvirtualawlibrary
(2) For any tax year, the existing assessment level
or levels may be increased or decreased by not more than thirty per
cent;chanroblesvirtualawlibrary
(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;chanroblesvirtualawlibrary
(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.
Section 2. Repealing Clause. — All provisions of
laws, decrees, executive orders, rules or regulations inconsistent with
this Decree are hereby repealed or modified accordingly.
Section 3. Effectivity. — This Decree shall take
effect immediately.
Done in the City of Manila,
this 16th day of January, in the year of Our Lord, nineteen hundred and
eighty-one.
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