Section 1
SECTION 1. Section 41 of Presidential Decree Numbered 464, otherwise known as the Real Property Tax Code, as amended, is hereby further amended to read as follows: "SEC. 41. An additional one per cent tax on real property for 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, That real property granted exemption under Section 40 of this Code shall also be exempt from the imposition accruing to the Special Education Fund."