AN ACT PROVIDING THAT THE PROPERTY TAX IN THE PROVINCE OF NUEVA VIZCAYA SHALL BE ASSESSED AGAINST REAL PROPERTY ONLY AND THAT THE RATE OF LEVY SHALL BE INCREASED FROM ONE-HALF TO SEVEN-EIGHTHS OF ONE PER CENTUM, AND FOR OTHER PURPOSES.

• Number: Act No. 2441
• Sections: 5

Section 1

SECTION 1. The tax prescribed to be assessed and collected under the provisions of sections fifty to fifty-four, inclusive, of Act Numbered Thirteen hundred and ninety-seven shall in the Province of Nueva vizcaya be assessed against and collected upon real property only: Provided, That the annual tax levied upon such real property shall be increased from one-half to seven-eighths of one per centum upon the true value as assessed in accordance with the provisions of said Act: And provided further, That of the seven-eighths of one per centum thus levied, three-eighths of one per centum shall accrue to the province and four-eighths of one per centum to the respective townships in which collected.

Section 2

SEC. 2. Of the tax of three-eighths of one per centum accruing to the province under this Act, one-third shall be are to the construction and repair of roads and bridges and the remaining two-thirds to any lawful provincial purpose.

Section 3

SEC. 3. Of the tax of four-eighths of one per centum accruing to the municipalities under the provisions of this Act, one-half shall be devoted exclusively to the support of free public primary schools and the providing or erection of suitable school buildings, and the remaining one-half to any lawful municipal purpose.

Section 4

SEC. 4. All Acts or parts of Acts inconsistent with the provisions of this Act are hereby repealed.

Section 5

SEC. 5. This Act shall take effect January first, nineteen hundred and fifteen.

Enacted, January 6, 1915.