Granting A Descending Rate Of Discount On The Real Property Tax On Lands Beginning With The Calendar Year 1974
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Granting A Descending Rate Of Discount On The Real Property Tax On Lands Beginning With The Calendar Year 1974
Presidential Decree No. 391
February 17, 1974
Case Overview and Summary
Presidential Decree No. 391Granting a Descending Rate of Discount on the Real Property Tax on Lands Beginning with the Calendar Year 1974
• Discount rates on real property tax on lands for timely payment:
- 20% discount on tax due and payable during 1974 (Section 1)
- 15% discount on tax due and payable during 1975 (Section 1)
- 10% discount on tax due and payable during 1976 (Section 1)
- 5% discount on tax due and payable during 1977 (Section 1)
• The discount applies only to lands and not to improvements. (Section 2)
• The discount is granted only to lands without any delinquency. (Section 2)
• The discounted tax cannot be lower than the tax corresponding to the previous year. (Section 3)
• The Secretary of Finance shall formulate rules and regulations for implementation. (Section 4)
• All inconsistent laws, rules and regulations are repealed. (Section 5)
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Executive Issuances
Presidential Decrees
real property tax
discount
lands
improvements
delinquency
tax due
timely payment
descending rate
1974
1975
1976
1977
20%
15%
10%
5%
Secretary of Finance
rules and regulations
implementation
repeal
inconsistent laws
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Granting A Descending Rate Of Discount On The Real Property Tax On Lands Beginning With The Calendar Year 1974
Presidential Decree No. 391
•February 17, 1974
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 391 February 17, 1974
GRANTING A DESCENDING RATE OF DISCOUNT ON THE REAL PROPERTY TAX ON LANDS BEGINNING WITH THE CALENDAR YEAR 1974
WHEREAS, with the application of the assessment levels fixed under Presidential Decree No. 76 on the different classes of lands against the current and fair market values thereof as determined by the local assessors, equity in the assessed valuation of lands has been attained;
WHEREAS, as a result thereof, assessed valuation of lands has increased proportionately and equitably depending on the nature and use of the property.
WHEREAS, increased assessment means increased real property taxes and, therefore, it is indicated that an equitable formula be adopted to afford real property owners to adjust their financial resources such that they would be in a position to pay their real property taxes on time;
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 the Armed Forces of the Philippines and...
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