Real estate exemption from taxation.
Section 31
SEC. 31. Real estate exemption from taxation.—The following shall be exempt from taxation: Lands or buildings owned by the Republic of the Philippines, the Province of Negros Occidental or the City of Silay and burying grounds, churches and their adjacent parsonages and convents, and lands or buildings used exclusively for religious, charitable, scientific or educational purposes, and not for profit; but such exemption shall not extend to lands or buildings held for investment, though income therefrom be devoted to religious, charitable, scientific or educational purposes. Lands or buildings which are the only real property of the owner, and the value of which does not exceed two hundred pesos. Machinery, which term shall embrace machines, mechanical contrivances, instruments, appliances and apparatus attached to the real estate, used for industrial, agricultural or manufacturing purposes, during the first five years of the operation of the machinery.