Section 25
SEC. 25. Real estate exempt from taxation.&mdashThe following shall be exempted from taxation: (a)Lands or buildings owned by the National Government or the City of Dapitan, and burying grounds, churches, and adjacent parsonages and convents, and lands or buildings used exclusively for religious, charitable, scientific, or educational purposes, and not for profit. (b)Lands and 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 two years of the operation of the machinery.