Real estate exemption from taxation.
Section 31
SEC. 31. Real estate exemption from taxation.- The following shall be exempt from taxation: lands or buildings owned by the Republic of the Philippines, the province of Misamis Oriental or the City of Cagayan de Oro, and burying grounds, churches, and their adjacent parsonages and convents, and lands or 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 income therefrom be devoted to religious, charitable, scientific, or educational purposes. Lands or buildings which are the only real property e owner, and the value of which does not exceed two hundred pesos. 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 the operation of the machinery.