Real estate exempt from taxation.
Section 31
SEC. 31. Real estate exempt from taxation.—The following shall be exempt from taxation: Lands or buildings owned by the Republic of the Philippines, the Province of Oriental Negros or the City of Canlaon 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 6r buildings held for investment, though the 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 five 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 three years of the operation of the machinery.