Listing of Real Property in the Assessment Rolls.
Section 8
SEC. 8. Listing of Real Property in the Assessment Rolls.—In every province and city, there shall be prepared and maintained by the provincial or city assessor an assessment roil wherein shall be listed all real property, whether taxable or exempt, located within the province or city. Real property shall be listed and valued in the name of the owner or administrator, or anyone having legal interest in the property. The undivided real property of a deceased person may be listed and valued in the name of the estate, or of the heirs and devisee without designating them individually; an undivided real property other than that owned by a deceased may be listed and valued in the name of one or more co-owners: Provided, however, That such heir, devisee or co-owner shall be liable severally for all obligations imposed by this Code and for the payment of the real property tax with respect to the undivided property. The real property of a corporation, partnership, or association shall be entered and assessed in the same manner as that of an individual. Real property owned by the Republic of the Philippines, its political subdivisions and any government-owned corporation so exempt by its charter, the beneficial use of which has been granted, for consideration or otherwise, to a taxable person, shall be listed for purposes of taxation in the name of the grantee, or of the public entity if such property has been acquired for resale or lease. The assessment roll shall be prepared in accordance with rules and regulations prescribed by the Secretary of Finance.