Preamble
WHEREAS, in the implementation of the Real Property Tax Code enacted under P.D. 464, as amended, certain common problems and difficulties are encountered in the proper classification, appraisal, and assessment of real property, particularly building, other improvements, and machinery; WHEREAS, in order to enhance the establishment of an updated and more responsive system of valuation for taxation purposes, it has become necessary to provide more realistic levels of assessment for the various types of real property; WHEREAS, there is a continuous need to upgrade and professionalize the local government assessment service to promote higher standards of performance efficiency; WHEREAS, in order to meet the requirements of prevailing conditions, it is imperative to amend the pertinent provisions of 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 to form part of the laws of the land, the following: