Section 4
SEC. 4. The Board shall classify the land to be taxed in the city into square meter and into hectare property. All land in the thickly inhabited portions of the city shall he valued according to the square meter, whether occupied or unoccupied. All land in the outskirts of the city or in the thinly inhabited and uninhabited portions thereof, which is now valuable only for agricultural purposes, shall be classified as hectare property and shall be assessed by the hectare or part thereof. In determining the value of the property, the Board of Tax Revision shall give, full consideration to the amount of income which the land and improvements actually produce, and to the income which with reasonable improvements the land might produce; but in the end the property shall he taxed at its true value in money, to wit. the value at which it would be sold in market if there is a market, and if there is not a market value then at a reasonable value thereof. The Board of Tax Revision shall not determine the value of the land, however, by the estimate of the probable income which might be realized from it after the further investment, of capital, when such further investment is out of proportion to the value of the land or involves a risk of loss which land owners can not be expected to assume. The Board of Tax Revision shall not give to any unoccupied land its speculative or fanciful value, but only its real value in money at the time of the revision. All assessments shall be made in money of the United States.