Real property exempt from taxation.
Section 54
SEC. 54. Real property exempt from taxation.—The following shall be exempt from taxation: Lands or buildings owned by the Government of the Philippines or the City of Manila, 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 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.