Section 10
SEC. 10. Section twenty-seven of Commonwealth Act Numbered Five hundred two is amended so as to read as follows: "SEC. 27. Real estate exempt from taxation.-The following shall be exempt from taxation: "(a) Lands or buildings owned by the United States of America, the Commonwealth of the Philippines, Quezon City, the Province of Rizal, 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, although the income therefrom be devoted to religiouis, charitable, scientific, or educational purposes; "(b) When the entire assesed valuation of real property belonging to a single owner is not in excess of one hundred pesos, or when the assessed valuation of a house, used as residence of the owner thereof, together with the lot on which the same is built, does not exceed three hundred pesos and such owner has no other real property, the tax thereon shall not be collected, nor shall the tax be collected on dwelling house built on the field, nor on an adjacent orchard, if any, as improvement, if the assessed value of each, assesses separately, is not in excess of one hundred pesos, though in any event the property shall be valued for the purposes of assessment and record shall be kept thereof as in other cases, and "(c) MKachinery, 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."