Preamble
WHEREAS, it is general to policy to establish a real property tax structure that would incorporate the most realistic and fair property values that could derived form prevailing market conditions and other relevant factors; WHEREAS, under existing law, a general revision of property assessments for taxation purposes is conducted only once in every five years, and owing to the rapid pace of urban development, market values of real property tend to rise abruptly before the next general revision period due to the salutary effects of completed infrastructure and other socio-economic projects; WHEREAS, a realistic and equitable system of real property taxation necessarily includes the grant of measures that will ease the tax burden whenever found imperative, giving due and particular consideration to the paying capacity of the low-and middle-income groups, as well as those devoting the use of real property only for non-profit recreational purposes; WHEREAS, in order to meet readily the urgent requirements of changing economic conditions, there is a need to provide the Minister of Finance with authority to formulate and prescribe the appropriate remedial measures; WHEREAS, to attain the foregoing purposes, it is necessary to amend certain provisions of Presidential Decree No. 464 as amended, known as the Real Property Tax Code, and to add new provisions therein; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the power in me vested by the Constitution, do hereby decree and order to form part of the laws of the land, the following: