Section 52
SEC. 52. Real estate exempt from taxation.&mdashThe following shall be exempt from taxation: (a) Lands or buildings owned by the Government of the Philippines, province or the City of Cebu, and burying grounds, churches and their adjacent parsonages, and conventos, 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 investments, though the income there from be devoted to religious, charitable, scientific, or educational purposes; and (b) Lands or buildings which are the only real property of the owner, and the value of which does not exceed five hundred pesos.