Heal estate exempt from taxation.
Section 30
SEC. 30. Heal 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 Laguna, or the City of San Pablo, and burying grounds, churches, and their adjacent personages and convents, and lands 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 therefore 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 two hundred pesos. Machinery, which term shall embrace machines, mechanical .contrivances, instruments, appliances, and apparatus attached to the real estate, used for industrial, agricultural or manufacturing purposes, during the first five years of the operation of the machinery.