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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 800 |
The Honorable Governor of Metropolitan Manila
WHEREAS, the general revision of real property assessments undertaken by the City and Municipal Assessors of the cities and municipalities comprising Metropolitan Manila pursuant to the provisions of existing law has been completed, and the real property tax due on properties located in Metropolitan Manila, effective January 1, 1979 shall be determined on the basis of the revised property valuations;
WHEREAS, substantial increases in the current market values of real property since the last general revision of 1973 are indicated in the updated records of property assessments;
WHEREAS, in order to provide incentives to owners of taxable real property who pay their tax obligations regularly and promptly, LOI No. 682 was issued on March 20, 1978 authorizing the grant nationwide of a 10% tax discount on real property taxes beginning April 1, 1978 up to but not beyond December 31, 1979;
WHEREAS, in order to further cushion the impact of increased taxes due to the revised valuations of real property as a result of the aforementioned general revisions of real property assessments, it is deemed necessary to authorize the grant of additional tax discounts on real property taxes due on properties located in Metropolitan Manila for Calendar Year 1979;
WHEREAS, pursuant to the provisions of Sec. 41 of Presidential Decree No. 464, as amended, the President of the Philippines is authorized to grant such tax discounts if he deems that the public interest so requires;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, do hereby order that:
1.
If as a result of the 1978 general revision of real property
assessments, the assessed valuation of real property is increased by
more than 100% when compared to the latest assessed valuation of the
same property based on the 1973 Schedules of Values of the city or
municipality wherein it is located, tax discounts in addition to the
10% tax discount authorized under LOI No. 682, dated March 20, 1978,
shall be applied on the real property tax due thereon, as follows:
INCREASED IN THE ASSESSED
CORRESPONDING RATE OF
VALUATION OF THE
ADDITIONAL TAX
PROPERTY
DISCOUNT
More than 100% but not exceeding
200% - 5%
More than 200% but not exceeding
300% - 10%
More than 300% but not exceeding
500% - 15%
More than 500% -
20%
2. If the
increase in assessed valuation of the property as a result of the 1978
general revision of real property assessments is 100% or less, as
compared to the latest assessed valuation of the same property based on
the 1973 Schedule of Values, only the 10% tax discount authorized under
LOI No. 682 shall be applied.
3. The
additional tax discounts authorized under Paragraph one hereof shall be
granted only to properties located within the cities and municipalities
of Metropolitan Manila and shall be applied only on the real property
taxes due thereon for the period from January 1, 1979 to December 31,
1979, inclusive.
4. As in the
case of the 10% tax discount authorized under LOI No. 682, the
additional tax discounts herein authorized shall likewise be granted
only if both the basic and the additional 1% real property taxes are
paid in full and within the periods of payment prescribed under
existing law.
5. Likewise,
the additional tax discounts herein authorized shall apply to all kinds
of real property without any tax delinquency.
6. Tax credits
corresponding to the additional tax discounts herein authorized shall
be given to all property owners who have no real property tax
delinquencies and have paid the full amount of the realty taxes due on
his property for Calendar Year 1979, or any portion thereof, within the
prescribed periods of payments.
The Minister of Finance shall formulate the guidelines, rules and regulations necessary for the proper and effective implementation of this Letter of Instructions.
Done in the City of Manila, this 30th day of January, in the year of Our Lord, nineteen hundred and seventy-nine.
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