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PRESIDENTIAL DECREE NO. 523
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PRESIDENTIAL DECREE NO. 523
- FIXING THE YEARLY MAXIMUM INCREASE OF THE ASSESSED VALUE OF REAL
PROPERTIES FOR A PERIOD OF NOT EXCEEDING FIVE YEARS BEGINNING WITH THE
THIRD QUARTER OF CALENDAR YEAR 1974 AS BASIS FOR COLLECTING THE REAL
PROPERTY TAX, AND FOR OTHER PURPOSES
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chanroblesvirtualawlibrary
WHEREAS,
the results of the general revision of real property assessments
undertaken by Provincial and City Assessors throughout the country in
1973 pursuant to Presidential Decree No. 76, which took effect on
January 1, 1974, showed marked increases in the assessed valuations of
such properties as compared to those subsisting in 1973; chanroblesvirtualawlibrary
WHEREAS, the consequence of such increases in real property assessments
was a concomitant increase in real property taxes which property
owners, especially those belonging to, the low and middle income
groups, find burdensome in the face of the rising costs of living
precipitated by worldwide inflation;chanroblesvirtualawlibrary
WHEREAS, confronted with such a dilemma, the taxpayers except the
government to adopt measures which would ease the burden of taxation
and thereby alleviate the financial difficulties of the great majority;chanroblesvirtualawlibrary
WHEREAS, not unmindful of the situation the financial and economic
advisers of the country consider it imperative to recommend a gradual
increase of the real property tax by delimiting the yearly maximum
increase of real property assessment beginning the third quarter of
calendar year 1974;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me under the Constitution do hereby
decree and order as part of the law of the land the
following: chanroblesvirtualawlibrary
Section 1. Beginning with calendar year 1974,
increases in the assessed valuation of real property effected pursuant
to Presidential Decree No. 76, as amended, shall be gradual from 1974
to 1977 and in no case shall the increase in any year be more than 100%
of the assessed valuation of the same property for the calendar year
1973: Provided, That effective in calendar year 1978, the full assessed
valuation of the said real property as determined by the provincial or
city assessor during the general revision in 1973 pursuant to
Presidential Decree No. 76 shall be the basis for the computation of
the real property tax due thereon.
Section 2. The real property tax due and payable
beginning with the third quarter of calendar year 1974 shall be
computed in accordance with Section 1 hereof: Provided, That any
overpayment of real property tax made as a consequence of the
adjustment authorized herein shall be applied to any future tax
obligation on the same property of the taxpayer concerned.
Section 3. The Secretary of Finance shall issue the
necessary rules and regulations to implement this Decree.
Section 4. This Decree shall take effect immediately.
Done in the City of Manila,
this 30th day of July, in the year of Our Lord, nineteen hundred and
seventy-four.
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