Real estate exempt from taxation.
Section 29
SEC. 29. Real estate exempt from taxation.—The following shall be exempt from taxation: Lands or buildings owned by the United States of America, the Commonwealth of the Philippines, the Province of Iloilo, or the City of Iloilo, and burying grounds, churches, and their adjacent parsonages and conventos, and land or buildings used exclusively for religious, charitable, scientific, or educational purposes, and not for profit; but such exemption shall not extend to lands or buildings held for investment, though the income therefrom be devoted to religious, charitable, scientific, or educational purposes, Lands or buildings which are the only real property of the owner, and the value of which, does not exceed one hundred pesos.