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Sec. 22. Valuation of Real Property. — Upon the
discovery of real property or during the general revision of
property assessments as provided in Section twenty-one of this Code
or at any time when requested by the person in whose name the
property is declared, the provincial or city assessor or his
authorized deputy shall make an appraisal and assessment in
accordance with Section five hereof of the real property listed and
described in the declaration irrespective of any previous assessment
or taxpayer's valuation thereon: Provided; however, That the
assessment of real property shall not be increased oftener than once
every five years in the absence of new improvements increasing the
value of said property or of any change in its use, except as
otherwise provided in this Code.
Sec. 23. Certification of Revised Values to the Secretary of
Finance. — When the provincial or city assessor shall have finished
a general revision of property assessments for any province,
municipality or city, he shall so certify to the Secretary of
Finance and the assessments shall become effective and taxes shall
accrue and be payable thereunder in accordance with the provisions
of this Code.
Sec. 24. Date of Effectivity of Assessment or Reassessment. — All
assessments or reassessments made after the first day of January of
any year shall take effect on the first day of January of the
succeeding year: Provided, however, That the reassessment of real
property due to its partial or total destruction, or to a major
change in its actual use, or to any great and sudden inflation or
deflation of real property values, or to the gross illegality of the
assessment when made or to any other abnormal cause, shall be made
within ninety days from the date any such cause or causes occurred,
the same to take effect at the beginning of the quarter next
following the reassessment.
Sec. 25. Assessment of Property Subject to Back Taxes. — Real
property declared for the first time shall have back taxes assessed
against it for the period during which it would have been liable if
assessed from the first in proper course but in no case for more
than ten years prior to the year of initial assessment; Provided,
however, that the back taxes shall be computed on the basis of the
applicable schedule of values in force during the corresponding
period.
If said taxes are paid before the expiration of the tax collection
period next ensuing, no penalty for delinquency shall be imposed,
otherwise the taxes shall be subject to all the penalties to which
they would have been liable and had they originally become
delinquent after assessment of the property in the usual course.
Sec. 26. Binding effect of Assessment or Reassessment. — All
assessments and reassessments made under the provisions of this Code
shall be valid and binding on all persons having legal interest on
the property.
Sec. 27. Notification of New or Revised Assessments. — When real
property is assessed for the first time or when an exercising
assessment is increased or decreased, the province or city shall
within thirty days give written notice of such new or revised
assessment to the person in whose name the property is declared. The
notice may be delivered personally to such person or to the occupant
in possession, if any, or by mail to the last known address of the
person to be served, or through the assistance of the barrio
captain.
Sec. 28. Appraising Machinery. — The current market value of the
machinery shall be determined on the basis of the original cost in
the case of newly acquired machinery not yet depreciated and is
appraised within the year of its purchase. In the case of all
others, the current market value shall be determined by dividing the
remaining economic life of the machinery by its economic life and
multiplied by the replacement or reproduction cost (new) of said
machinery.
If the machinery is imported, replacement or reproduction cost (new)
shall be the original acquisition cost which would normally include
such costs as freight and insurance charges, brokerage, arrastre and
handling, customs duties and taxes plus cost of inland
transportation and handling, and significant installation charges at
the present site. The cost in foreign currency of imported machinery
shall be converted to peso cost on the basis of foreign currency
exchange rates as fixed by the Central Bank of the Philippines.
Sec. 29. Depreciation Allowance for Machinery. — For purposes of
assessment, a depreciation allowance shall be made for machinery at
a rate not exceeding ten per cent of its original cost or its
replacement or reproduction cost (new), as the case may be, for each
year of use: Provided, That the remaining value for all kinds of
machinery shall be fixed at not less than twenty per cent of such
original or replacement cost for so long as the machinery is useful
and in operation.
CHAPTER III
ASSESSMENT APPEALS
Sec. 30. Local Board of Assessment Appeals. — Any owner who is not
satisfied with the action of the provincial or city assessor in the
assessment of his property may, within sixty days from the date of
receipt by him of the written notice of assessment as provided in
this Code, appeal to the Board of Assessment appeals of the province
or city, by filing with it a petition under oath using the form
prescribed for the purpose, together with copies of the tax
declarations and such affidavit or documents submitted in support of
the appeal.
Sec. 31. Organization, Powers and Functions of the local Board of
Assessment Appeals. — The Local Board of Assessment Appeals shall be
composed of three members: the Register of Deeds, as Chairman, the
Provincial of City Auditor and the Provincial or City Engineer, as
Members, who shall serve as such in an ex-officio capacity without
additional compensation. In provinces or cities without Provincial
or City Engineers, the Highway District Engineer shall serve as
member of the Board, likewise in an ex-officio capacity without
additional compensation. In the absence of a regular appointee, the
officer performing the duties of the Register of Deeds, or the
Provincial or City Auditor, or the Provincial, City or Highway
District Engineer whether in an acting capacity or as a
duly-designated officer-in-charge shall automatically become the
Chairman or member of the said Board, as the case may be.
The Chairman of the Board shall have the power to designate any
government employee of the province or city to serve as Secretary of
the Board also without additional compensation.
The Chairman and members of the Local Board shall enter into the
duties of their respective positions without need of further
appointment or special designation immediately upon approval of this
Code. The members of the Board shall each take the following oath,
copy of which shall be furnished the Secretary of Finance:
"I ____________, having been appointed to the position of
__________, hereby solemnly swear that I will well and faithfully
discharge to the best of my ability and duties of my present
position and of all others I may hereafter hold under the Republic
of the Philippines, and that I will support and defend the
Constitution of the Philippines; and that I will obey the laws,
legal orders, and decrees promulgated by the duly constituted
authorities of the Republic of the Philippines; and that I will well
and truly hear and determine all matters and issues between
taxpayers and the provincial or city assessor submitted for my
decision, and that I impose this obligation upon myself voluntarily,
without mental reservation or purpose of evasion.
So help me God.
_________________
Signature
SUBSCRIBED AND SWORN to before as this ______ day of __________ A.D.
_________ at ____________ Philippines.
__________________________
Signature of Officer administering oath"
Sec. 32. Meetings. — The local Board shall hold sessions at least
once a month, and as often as may be necessary for the prompt
disposition of the appealed cases pending before it. No member of
the Board shall be entitled to per diems or traveling expenses for
his attendance in Board sessions, except when conducting an ocular
inspection in connection with a case under appeal.
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