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;chanroblesvirtualawlibrary
WHEREAS, as a result thereof, assessed valuation of lands has increased
proportionately and equitably depending on the nature and use of the
property.
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;chanroblesvirtualawlibrary
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 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;chanroblesvirtualawlibrary
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:cralaw:red
20% on the tax due and payable during the year 1974;chanroblesvirtualawlibrary
15% on the tax due and payable during the year 1975;chanroblesvirtualawlibrary
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hereby repealed.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.
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