Real estate exempt from taxation.
Section 35
SEC. 35. Real estate exempt from taxation.—The following shall be exempted from taxation: Lands or buildings owned by the Republic of the Philippines, the Province of Cotabato or the City of Rajah Buayan, and burying grounds, churches, and adjacent parsonages and convents, and lands or buildings used exclusively for religious, charitable, scientific, or education purposes, and not for profit; but such exemption shall not extend to lands or buildings held for investment, though income therefrom be devoted to religious, charitable, scientific, or education purposes; When the entire assessed valuation of real property belonging to a single owner is not in excess of two hundred pesos or when the assessed value of a house, used as a residence of the owner thereof, together with the lot on which the same is built, does not exceed four hundred pesos and such owner has no other real property, the tax thereon shall not be collected, nor shall the tax be collected on a dwelling house built on the field, on an adjacent orchard if any, as improvement, if the assessed value of each, assessed separately, is not in excess of two hundred pesos, though in any event the property shall be valued for the purpose of assessment and record shall be kept thereof as in other cases; 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.