Section 47
SEC. 47. Exemption from taxation.-There shall be levied, assessed, and collected an annual ad valorem tax o real property, including land, buildings, machinery and other improvements not hereinafter specifically exempted. The following shall be exempt from taxation: Property owned by the Republic of the Philippines Quezon City, any province, city, municipality or municipal district. Cemeteries or burial grounds. Churches and parsonages or convents appurtenant thereto, and all lands, buildings, and improvements used exclusively for religious, charitable, scientific, or educational purposes. When the entire assessed valuation of real property belonging to a single owner is not in excess of one hundred pesos or when the assessed value of a house, used as residence of the owner thereof, together with the lot on which the same is built, does not exceed three 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, nor on an adjacent orchard, if any, as improvement, if the assessed value of each, assessed separately, is not in excess of one hundred pesos, though in any event the property shall be valued for the purposes of assessment and record shall be kept thereof as in other cases. 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 ins five years of the operation of the machinery. The provisions hereof notwithstanding, depreciation allowance shall be made for machinery mentioned equivalent to an amount not exceeding ten per cent of its value for each year of use.