Providing For The Classification And Valuation Of Timber And Forest Lands For Purposes Of Real Property Taxation
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Providing For The Classification And Valuation Of Timber And Forest Lands For Purposes Of Real Property Taxation
Presidential Decree No. 853
December 19, 1975
Case Overview and Summary
Summary of Presidential Decree No. 853Classification and Valuation of Timber and Forest Lands for Real Property Taxation
- Timber and forest lands segregated from agricultural land for taxation purposes (Section 1)
- Timber/forest lands owned by government but granted to taxable person listed under concessionaire/licensee (Section 2)
- Privately owned timber/forest lands listed under private owner (Section 2)
- Assessment level set at 40% of market value determined by Provincial/City Assessor (Section 3)
- Taxable area for government lands is operational area within concession determined by Bureau of Forest Development (Section 4a)
- For private lands, entire area is taxable (Section 4b)
- Appraisal/assessment by Provincial/City Assessor, jointly if covering multiple areas (Sections 5.1-5.3)
- 1% annual ad valorem tax on assessed value, plus 1% for Special Education Fund (Section 6)
- Tax collected by Provincial/City Treasurer where lands located (Section 7)
- Tax accrues from January 1, 1975, no penalty before this decree (Section 8)
- Tax discounts: 60% in 1975, 40% in 1976, 20% in 1977 if paid within period (Section 9)
- Tax proceeds accrue proportionately to province/city/municipality (Section 10)
- Remedies and sanctions per Presidential Decree No. 464 (Section 11)
- Municipal Deputy Assessor position created in municipalities with timber/forest lands (Section 12)
- Secretary of Finance to promulgate rules, regulations, forms and procedures (Section 13)
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Providing For The Classification And Valuation Of Timber And Forest Lands For Purposes Of Real Property Taxation
Presidential Decree No. 853
•December 19, 1975
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 853 December 19, 1975
PROVIDING FOR THE CLASSIFICATION AND VALUATION OF TIMBER AND FOREST LANDS FOR PURPOSES OF REAL PROPERTY TAXATION
WHEREAS, under Presidential Decree No. 464 otherwise known as the Real Property Tax Code, timber and forest lands were embraced in the definition of the term "agricultural land" for purposes of real property taxation;
WHEREAS, it will be more systematic and conducive to just and uniform property valuation if timber and forest lands are appraised and assessed as a separate class of real property;
WHEREAS, the Philippine wood industry is presently affected by a worldwide recession and lack of markets abroad;
WHEREAS, it has become imperative to adopt remedial measures that will ease the realty tax burden of the wood industry by employing new and definitive methods of appraisal and assessment of timber and forest lands; and granting a descending rate of discount on the real property tax due thereon;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers...
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Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Presidential Decrees
timber lands
forest lands
real property taxation
assessment
valuation
concession
license
ad valorem tax
tax discount
operational area
Special Education Fund
Provincial Assessor
City Assessor
Municipal Deputy Assessor
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 853 December 19, 1975
PROVIDING FOR THE CLASSIFICATION AND VALUATION OF TIMBER AND FOREST LANDS FOR PURPOSES OF REAL PROPERTY TAXATION
WHEREAS, under Presidential Decree No. 464 otherwise known as the Real Property Tax Code, timber and forest lands were embraced in the definition of the term "agricultural land" for purposes of real property taxation;
WHEREAS, it will be more systematic and conducive to just and uniform property valuation if timber and forest lands are appraised and assessed as a separate class of real property;
WHEREAS, the Philippine wood industry is presently affected by a worldwide recession and lack of markets abroad;
WHEREAS, it has become imperative to adopt remedial measures that will ease the realty tax burden of the wood industry by employing new and definitive methods of appraisal and assessment of timber and forest lands; and granting a descending rate of discount on the real property tax due thereon;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers...
Login to see full content