Division of proceeds of assessment between municipalities and provinces.
Section 5
SEC. 5. Division of proceeds of assessment between municipalities and provinces.—The proceeds of the real-property tax shall be applied to the use and benefit of the respective provinces and municipalities wherein the property liable to such tax is situated. The share of a province in said tax shall be levied by the provincial board thereof, whose duty it shall be, on or before the thirty-first day of December of each year, to fix by resolution an uniform rate of taxation for the succeeding year, in an amount not less than one-eighth nor more than three-eighths of one per centum, as far as regularly organized provinces are concerned, and four-eighths per centum in the case of specially organized provinces. The share of a municipality shall in the same manner be levied by ordinance of the municipal council thereof in an amount not less than one-fourth nor more than one-half of one per centum, as far as municipalities in regularly organized provinces are concerned, and five-eighths per centum in the case of municipalities in specially organized provinces. The resolutions of the provincial board and the municipal ordinances fixing the rate of land tax shall remain in force for succeeding years unless said resolutions and ordinances are amended or revoked.