Section 1
SECTION 1. Any provision of law or city charter to the contrary notwithstanding, no revised assessment of real estate for taxation purposes shall be made within five years from the last preceding assessment, and no increase or decrease of assessment at any one time shall be more than twenty-five per centum in the case of commercial and industrial lots; fifteen per centum in case of agricultural and residential lots not actually occupied by the owner and ten per centum in case of residential lots actually occupied by the owner, of the last preceding assessed value: Provided, That the limitations herein shall not apply if by reason of public improvements the-nature of the real estate has been changed from rural to urban or from residential to commercial and industrial site: Provided, further, That the corresponding provincial or city assessor shall undertake the revision of assessments every five years.