Real estate exempt estate from taxation.
Section 31
SEC. 31. Real estate exempt estate from taxation.—The following shall be exempted from taxation: Lands or buildings owned by the Republic of the Philippines, the Province of Negros Occidental or the City of Bago 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, through 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 two thousand pesos; and 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.