Preamble
WHEREAS, barangays depend largely upon their shares in real property tax collections to maintain their operational requirements; WHEREAS, under the present allocation of the real property tax, barangays located in cities receive ten per cent of the annual collections, while the barangays in municipalities receive only five per cent of the provincial and municipal collections; WHEREAS, in order to strengthen the barangays in the rural areas and to provide them with more funds for priority development projects, there is a need to amend the pertinent provisions of PD 464, otherwise known as the Real Property Tax Code; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby decree and order: