Increasing the amount of exemption from the additional one per cent tax for Special Education Fund.
Section 3
SEC. 3. Increasing the amount of exemption from the additional one per cent tax for Special Education Fund. – Section 41 of Presidential Decree No. 464, as amended, is hereby amended to read as follows: “SEC. 41. An additional one per cent tax on real property for the Special the Special Education Fund. – There is hereby imposed an annual tax of one per cent on real property to accrue to the Special Education fund created under Republic Act No. 5447, which shall be in addition to the basic real property tax which local governments are authorized to levy, assess, and collect under this Code; Provided, however, That the first five thousand pesos of the entire total assessed valuation of real property situated in a municipality or city assessable to any person shall be exempt from the additional one per cent tax herein imposed.”