Preamble
WHEREAS, it has become necessary to provide a simplified and uniform valuation of real property for purposes of determining internal revenue taxes; WHEREAS, under Section 91 of the National Internal Revenue Code, the Real Property Valuation Committee in the Department of Finance is called upon to prepare and submit to the Secretary of Finance a schedule of percentage adjustment of the assessed value of real property in each municipality and city after due notice and hearing for the purpose of determining the amount of transfer taxes due thereon; and WHEREAS, in view of the provisions of Commonwealth Act No. 470, as amended by Presidential Decree No. 76 and further amended by Presidential Decree No. 261, a general revision of real property assessments has been undertaken throughout the country; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested under the Constitution, do hereby decree and order: