Section 1
SECTION 1. Conduct of a General Revision of Real Property Assessments for Taxation Purposes Once in Every Three Years. – (a) In order to minimize the occurrence of abrupt increases in real property valuations for taxation purposes caused by the lengthy period of five years, intervening between general revision period, Section 21 of Presidential Decree No. 464 as amended, is hereby amended to read as follows: “SEC. 21. General Revision of Assessments Once in Every Three Years. – Beginning July 1. 1981 to June 31, 1982, the provincial or city property assessments in the province or city to take effect on January 1, 1983, and once every three years thereafter; Provided, however, That if property values in a province or city, or in any municipality, have greatly changed since the last general revision, the provincial or city assessor may, with the approval of the Minister of Finance or upon his discretion, undertake a general revision of assessments in the province or city, or in any municipality before the third year from the effectivity of the last general revision.” (b) In order to align the provisions of Section 6 of PD 464, as amended, with the provisions of paragraph (a) above the same is hereby amended to read as follows: “SEC. 6. Declaration of Real Property by Owner or Administration. – It shall be the duty of all persons, natural or juridical, owning or administering real property, including the improvements therein, within a city or municipality, or their duly authorized representative, to prepare, or cause to be prepared, and file with provincial or city assessor, a sworn statement declaring the true value of their property, whether previously declared or undeclared, taxable or exempt, which shall be the current and fair market value of the property, as determined by the declarant. Such declaration shall contain a description of the property sufficient in detail to enable the assessor or his deputy to identify the same for assessment purposes. The sworn declaration of real property herein referred to shall be filled with the assessor concerned once every three years during the period from January first to June thirtieth commencing with the calendar year 1980, unless required earlier by the Minister of Finance.” (c) To conform with the foregoing amendments in paragraphs (a) and (b) above, the last paragraph of Section 20 of PD 464, as amended, is hereby further amended to read as follows: “SEC. 20 Assessment Level. – x x x. “For the first general revision of assessments to be undertaken after the approval of this Code and every three years thereafter, the assessment levels hereinabove prescribed for the different classes of real property may be increased at rates to be fixed by the Minister of Finance, but in no case shall such increase in rates exceed ten percent of the assessment levels herein prescribed for each class or real property.”