Section 3
SEC. 3. To provide a reasonable basis for the assessment of real property for taxation purposes, Section 20, paragraph (c) of Presidential Decree No. 464 is hereby amended to read as follows: "SEC. 20. Assessment Level. The assessment levels to be applied to the current market values of real property for taxation purposes, shall be as follows: On Lands. - x x x On Mineral Lands. - x x x On Buildings, Machineries and Other Improvements. - The assessment levels shall be as follows: For buildings and other improvements: Assessment Levels MARKET VALUE Presidential Commercial/Industrial Agricultural P30,000 or less 15% 50% 40% More than P30,000 but not exceeding P50,000 20% 55% 45% More than P50,000 but not exceeding P75,000 25% 60% 50% More than P75,000 but not exceeding P125,000 35% 65% 55% More than P125,00 but not exceeding P175,000 45% 70% 60% More than P175,000 but not exceeding P250,000 55% 75% 65% More than P250,000 but not exceeding P350,000 65% 80% 70% More than P350,000 but not exceeding P500,000 75% 80% 75% More than P500,000 80% 80% 80% For machineries: ACTUAL USE ASSESSMENT LEVEL Agricultural 60% Residential 70% Commercial 80% Industrial 80% Special Class. - x x x."