Section 48
SEC. 48. Real estate exempt from taxation.-The following shall be exempt from taxation: Lands or buildings owned by the Republic of the Philippines, the Province of Surigao del Norte, the City of Surigao, 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; and Lands or buildings which are the only real property of the owner, and the value does not exceed five hundred pesos.