Property exempt from tax.
Section 3
SEC. 3. Property exempt from tax.—The exemptions shall be as follows: Property owned by the United States of America, the Government of the Philippine Islands, or by any province or municipality in the Philippine Islands. Cemeteries or burial grounds. Churches and parsonages or conventos appurtenant thereto, and all lands, buildings, and improvements used exclusively for religious, charitable, scientific, or educational purposes; but this exemption shall not extend to property held for investment, or which produces income, even though the income be devoted to some or more of the purposes above specified. When the entire assessed valuation of real property in any one municipality belonging to a single owner, shall be less than the sum of one hundred pesos, the tax thereon shall not be collected, nor shall the tax be collected on a dwelling house built on the field, nor on an adjacent orchard, if any, as improvement, if the assessed value of each, assessed separately, is not in excess of one hundred pesos, though in any event the property shall be valued for the purposes of assessment and record shall be kept thereof as in other cases. Land held by a homesteader under an application filed in accordance with law, prior to the approval by the Director of Lands of the final evidence, as required by Act Numbered Twenty-eight hundred and seventy-four; but this exemption does not extend to buildings and improvements thereon the title to which is not in the Government. Machinery, which term shall embrace machines, mechanical contrivances, instruments, tools, implements, appliances, and apparatus used for industrial, agricultural, or manufacturing purposes. Fruit trees and bamboo plants, except where the land upon which they grow is planted principally to such growth.