Section 10
SEC. 10. Imposition of the Basic Real Property Tax on real properties located within the Metropolitan Manila Area and Disposition of the Proceeds thereof.—The cities and municipalities of Metropolitan Manila shall continue to collect the basic real property at the rates authorized under their respective existing tax ordinances. The provinces of Rizal and Bulacan shall continue to levy and collect up to but not beyond June 30, 1976 the basic real property tax on real properties located with- in the territorial jurisdictions of the municipalities integrated in Metropolitan Manila as authorized under their respective tax ordinances. Effective July 1, 1976, the Metropolitan Manila Commission shall, in lieu of the provinces of Rizal and Bulacan, levy the provincial portion of the basic real property tax on real properties located within the territorial jurisdictions of the municipalities integrated in the Metropolitan Manila Area; Provided, however, That the rate of said tax shall not be less than one-half of one per centum nor more than one and one-half per centum of the assessed value of the taxable real property. Beginning said date and until such time as the Commission shall have enacted the appropriate real property tax ordinance, the Municipal Treasurers of the integrated municipalities shall collect for and in behalf of the Metropolitan Manila Commission the basic real property tax heretofore levied and collected by the aforesaid provinces at the rate of one-half of one per centum of the assessed value of the taxable real property. Beginning July 1, 1976, ten per centum of the annual collections from the basic real property tax of the Metropolitan Manila Commission and of the municipalities in Metropolitan Manila shall accrue to, and be divided equally among, the duly-constituted barangays of the municipality where the property subject to the tax is situated. Likewise, ten per centum of the annual collections from said tax of the cities in Metropolitan Manila shall accrue to, and be divided equally among, the duly-constituted barangays of the city where the property subject to the tax is situated. The barangay shares shall continue to be under the custody of the City or Municipal Treasurer concerned.