Section 2
SEC. 2. Section fifty-two of said Act Numbered Thirteen hundred and ninety-seven is likewise amended by striking out the words "or personal," so that said section shall read as follows: "SECTION. 52. (a) Every resident of a township organized under sections one to sixty, inclusive, of this Act, who is the owner of real property to the value of more than two hundred pesos Philippine currency shall pay as an annual property tax an amount equal to one-half of one per centum of the value of such property. "(b) Every resident of the province who owns real property to the value of less than two hundred pesos Philippine currency shall be excused from the payment of any property tax."