Amending Sections Six; Twenty, Paragraph (D) And The Last Paragraph Thereof; Twenty-One; Forty, Paragraph (D); And Forty-One Of Presidential Decree Numbered Four Hundred And Sixty-Four, As
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Amending Sections Six; Twenty, Paragraph (D) And The Last Paragraph Thereof; Twenty-One; Forty, Paragraph (D); And Forty-One Of Presidential Decree Numbered Four Hundred And Sixty-Four, As
Presidential Decree No. 1621
April 19, 1979
Case Overview and Summary
Summary of Presidential Decree No. 1621General Revision of Real Property Assessments:
- Conduct general revision of real property assessments once every 3 years instead of 5 years (Section 1a, amending Section 21)
- Property owners must file sworn declaration of true property value every 3 years from January 1 to June 30 (Section 1b, amending Section 6)
- Assessment levels may be increased up to 10% every 3 years (Section 1c, amending Section 20)
Exemptions:
- Real property in one city/municipality belonging to a single owner with assessed value not exceeding ₱1,000 is exempt (Section 2, amending Section 40d)
- First ₱5,000 of total assessed value is exempt from 1% additional tax for Special Education Fund (Section 3, amending Section 41)
Special Class of Real Properties:
- Assessment level for properties used exclusively for recreational purposes by non-profit sports/athletic clubs is reduced to 15% of market value (Section 4, amending Section 20d)
Special Authority to Minister of Finance:
- Minister of Finance can formulate schemes for graduated tax payments, equalization of valuations, or remedial measures to ease tax burden, upon Presidential approval (Section 5, adding Section 97-A)
Other Provisions:
- Repealing inconsistent laws (Section 6)
- Minister of Finance to issue implementing rules (Section 7)
- Immediate effectivity (Section 8)
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Amending Sections Six; Twenty, Paragraph (D) And The Last Paragraph Thereof; Twenty-One; Forty, Paragraph (D); And Forty-One Of Presidential Decree Numbered Four Hundred And Sixty-Four, As
Presidential Decree No. 1621
•April 19, 1979
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 1621
AMENDING SECTIONS SIX; TWENTY, PARAGRAPH (d) AND THE LAST PARAGRAPH THEREOF; TWENTY-ONE; FORTY, PARAGRAPH (d); AND FORTY-ONE OF PRESIDENTIAL DECREE NUMBERED FOUR HUNDRED AND SIXTY-FOUR, AS AMENDED, OTHERWISE KNOWN AS THE REAL PROPERTY TAX CODE, AND ADDING THERETO A NEW SECTION DENOMINATED AS SECTION NINETY-SEVEN (A)
WHEREAS, it is the general policy to establish a real property tax structure that would incorporate the most realistic and fair property values that could be derived from prevailing market conditions and other relevant factors;
WHEREAS, under existing law, a general revision of property assessments for taxation purposes is conducted only once in every five years, and owing to the rapid pace of urban development, market values of real property tend to rise abruptly before the next general revision period due to the salutary effects of completed infrastructure and other socio-economic projects;
WHEREAS, a realistic and equitable system of real property taxation necessarily includes the grant of measures that will ease the tax burden whenever found imperative, giving due...
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