Appraisal and Assessment of Timber and Forest Lands.
Section 5
SEC. 5. Appraisal and Assessment of Timber and Forest Lands.—1. In cases where timber or forest land is located In one municipality or in one city, it shall be the responsibility of the Provincial/City Assessor, by himself or thru his Municipal Deputy Assessor, to appraise and assess the same in accordance with the methods, procedures, or regulations that the Secretary of Finance may prescribe therefor. In cases, however, where the timber and forest lands are found in two or more municipalities, the Provincial Assessor likewise shall appraise and assess the same and he shall issue separate tax declarations covering the areas corresponding to each municipality. In cases where timber and forest lands cover two or more provinces and/or cities, the Provincial/City Assessors concerned shall jointly appraise and assess the property in accordance with regulations to be issued by the Secretary of Finance.