Section 4
SEC. 4. Reducing the Assessment Level of the Special Class of Real Properties Used for Recreational Purposes from Thirty Per Cent to Fifteen per cent of the Market Value thereof Paragraph (d) of Section 20 of Presidential Decree No. 464, as amended, is hereby amended to read as follows: “(d) Special Classes. – The assessment level for all lands, buildings and other improvements thereon, actually, directly and exclusively used for educational, cultural, scientific or recreational purposes, as well as hospitals not owned or operated by the government or by any of its instrumentalities shall be fifteen per cent (15%) of the Markey value of such properties. The special class of real properties used for recreational purposes herein referred to shall apply only to such properties which are owned by sports or athletic clubs or such other recreational organizations not operated primarily for profit.”