Assessment Levels.
Section 20
SEC. 20. Assessment Levels.—The assessment levels to be applied to the current market values of real property for taxation purposes shall be as follows: On Lands—The assessment levels in the province or city shall be maintained at the current levels of thirty per cent for residential lands; forty per cent for agricultural lands; and fifty per cent for commercial or industrial lands. Mineral lands—For purposes of taxation, mineral lands not covered by lease shall be appraised at fifty per cent of their market value to be determined by the Secretary of Finance, upon consultation with the Director of Mines: Provided, however, That mineral lands covered by leases shall be declared for taxation purposes either by the owner of the land or lessee and the assessment level thereof shall be maintained at the current level of fifty per cent. On Buildings, Machineries and other improvements.— The assessment levels now prevailing in the province or city shall be maintained but which shall in no case be lower than the assessment levels for lands hereinabove prescribed nor more than eighty per cent of the market value, except buildings used exclusively for residential purposes, the assessment levels for which shall be as follows: Assessment Value Market Value 15% More than P30,000.00 but less than or less 20% " " 30,000.00 " " " P50,000.00 25% " " 50,000.00 " " " 75,000.00 35% " " 75,000.00 " " " 100,000.00 45% " " 100,000.00 " " " 150,000.00 55% " " 150,000.00 " " " 250,000.00 65% " " 250,000.00 " " " 350,000.00 75% " " 350,000.00 " " " 500,000.00 80% " " 500,000.00 " " " Special Classes—The assessment level for all lands, buildings and other improvements thereon, actually, directly and exclusively used for educational, cultural or scientific purposes, as well as hospitals not owned and operated by the government or by any of its instrumentalities shall be fifteen per cent of the market value of such property and for those exclusively used for recreational purposes, thirty per cent of their market value. For the first general revision of assessments to be undertaken after the approval of this Code and every five years thereafter, the assessment levels hereinabove prescribed for the different classes of real property may be increased at rates to be fixed by the Secretary of Finance but in no case shall such increase in rates exceed ten per cent of the assessment levels herein prescribed for each class of real property.