Distribution of proceeds.
Section 86
SEC. 86. Distribution of proceeds.—(a) The proceeds of the real property tax, except as otherwise provided in this Code, shall accrue to the province, city or municipality where the property subject to the tax is situated and shall be applied by the respective local government unit for it own use and benefit. Barrio shares in real property tax collections. The annual shares of the barrios in real property tax collections shall be as follows: Five per cent of the real property tax collections of the province and another five percent of the collections of the municipality shall accrue to the barrio where the property subject to the tax is situated. In the case of the city, ten per cent of the collections of the tax shall likewise accrue to the barrio where the property is situated. Thirty per cent of the barrio shares herein referred to be may spent of salaries or per diems of the barrio officials and other administrative expenses, while the remaining seventy per cent shall be utilized for development projects approved by the Secretary of Local Government and Community Development or by such committee created, or representatives designated by him.