Amending Presidential Decree No. 76 By Prescribing Assessment Levels For Special Classes Of Real Property

MALACAÑANG
M a n i l a

PRESIDENTIAL DECREE No. 261 August 2, 1973

AMENDING PRESIDENTIAL DECREE NO. 76 BY PRESCRIBING ASSESSMENT LEVELS FOR SPECIAL CLASSES OF REAL PROPERTY

WHEREAS, Presidential Decree No. 76 classifies real property for purposes of the real property tax into commercial, industrial, mineral, agricultural and residential;

WHEREAS, there are other kinds of real property, such as educational, cultural, scientific, recreational, and so forth, which by their nature and use, do not fall squarely under any of the above-mentioned classifications; and

WHEREAS, the latter should be considered as special classes with corresponding assessment levels.

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution as Commander-in-Chief of all the Armed Forces of the Philippines and pursuant to Proclamation No. 1081, dated September 21, 1972, and General Order No. 1, dated September 22, 1972, as amended, do hereby decree an other that:

1. All land, buildings and other improvements thereon actually, directly and exclusively used by the owners thereof...

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Summary of Presidential Decree No. 261

Special Classes of Real Property and Assessment Levels
- Educational, Cultural, or Scientific Properties (Section 1):
    - Classified as such and subject to basic real property tax
    - Exempt from additional 1% tax under Republic Act No. 5447
    - Properties in Metro Manila subject to additional 0.125% tax for Greater Manila Metropolitan Area Flood Control and Drainage Fund
    - Assessed at 15% of current fair market value (Section 2)
    - Educational foundations under Republic Act No. 6055 are exempt from taxes (Section 3)
    - "Educational" applies only to institutions offering government-authorized courses (Section 4)
- Recreational Properties (Section 5):
    - Used purely for recreational purposes, not for business
    - Assessed at 30% of current fair market value
    - Subject to basic and additional real property taxes under Republic Act No. 5447 and Presidential Decree No. 18
- Subsequent general revisions of assessments governed by Presidential Decree No. 76 (Section 6)
- Repeals or modifies inconsistent laws, orders, rules, and regulations (Section 7)