Remission or reduction of tax by the President of the Philippines.
Section 53
SEC. 53. Remission or reduction of tax by the President of the Philippines. — The President of the Philippines may, in his discretion, remit or reduce the real property tax for any year in any municipality or province if he deems that the public interest so requires. In case of failure of any crop or great decrease in the price of any product in any municipality, the President of the Philippines may, in his discretion, likewise reduce the tax for any year on the lands and improvements affected: Provided, That pending the new assessment in any province as provided for in this Act, the assessed value of all permanent plants and/or trees on any taxable real property in said province is hereby reduced to fifty per centum beginning January first, nineteen hundred and forty, until the first day of January of the year following the completion of the reassessment of real property in said province.