Section 1
SECTION 1. Sub-paragraph (1), Section 86 (b), of P.D. 464, is hereby repealed and in lieu thereof, a new paragraph is hereby inserted in the aforecited Section of the Decree to read as follows : "Sec. 86. Distribution of proceeds. * * * "(b) Barangay shares in real property tax collections. Beginning January 1, 1978 and thereafter, the annual shares of the barangays in the basic real property tax collections shall be as follows: (1) Ten per cent of the total .annual collections of the province and the municipality shall accrue to the barangay where the property subject to the tax is located. * * * * * *