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 Cavite, or the City of Cavite, and burying grounds, churches, and their adjacent parsonages 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 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 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.