Section 45
SEC. 45. Real estate exempt from, taxation.&mdashThe following shall be exempted from taxation: (a) Lands or buildings owned by the Republic of the Philippines, the Province of Leyte or the City of Tacloban, 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. (b) Lands or buildings which are the only real property of the owner, and the value of which does not exceed four hundred pesos. (c) 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.