Tax on transfer of real property ownership.
Section 7
SEC 7. Tax on transfer of real property ownership. — The province may impose a tax on the sale, donation, barter, or on any other mode of transferring ownership or title, of real property at the rate of not exceeding one-fourth of one percent of the total consideration involved in the acquisition of the property or of its assessed value, whichever is higher, or in the absence of a specific consideration, the assessed value of the property. The transfer of real property ownership pursuant to Republic Act No. 3844, as amended, shall be exempt from this tax. For this purpose, the Register of Deeds of the province concerned shall, before registering any deed, require the presentation of the evidence of payment of this tax. Real property, for purposes of this tax, refers only to lands, buildings, and machineries intended by the owner of the land or building for an industry or works which may be carried on in a building or on a piece of land and which tends directly to meet the needs of the said industry or works. Buildings refer to all kinds of structure more or less permanently attached to a piece of land, excluding those which are merely superimposed on the soil.