Real Property Tax Code

Section 92

Basis for payment of just compensation in expropriation proceedings. In determining just compensation when private property is acquired by the government for public use, the basis shall be the market value declared by the owner or administrator or anyone having legal interest in the property, or such market value as determined by the assessor, whichever is lower.

Section 93

Educational institutions exempt from the real property tax. Non-stock or non-profit educational institutions owning real property, the total assessed value of which does not exceed thirty thousand pesos, as well as Education Foundations organized under Republic Act No. 6055, shall be exempt from the payment of realty taxes provided for under this Code.

Section 94

Assessment loan revolving fund. The sum of fifty million pesos is hereby appropriated out of the unallocated balance of internal revenue allotments to local governments, after distribution of their individual shares pursuant to Section One of Presidential Decree No. 144, as amended, to constitute an Assessment Loan Revolving Fund for financing tax-mapping projects, periodic revisions of assessments, and other real property assessment programs of provinces, cities, and municipalities. Such fund shall be administered by the Secretary of Finance and shall be loaned without interest to provinces, cities, and municipalities under such terms and conditions as he may impose. (Amending Section 94 of P.D. No. 464 (Real Property Tax Code), Presidential Decree No. 1002, [September 22, 1976])

Section 95

General assessment revision, expenses incident thereto. Provincial, city and municipal boards or councils shall provide the necessary appropriations to underwrite or defray expenses incident to general revision of real property assessments, using for the purpose any unappropriated balances in the general, road and bridge and/or permanent public improvement funds, or any underestimated revenues accruing thereto, or reversions of authorized appropriations in their respective budgets which are not otherwise urgently needed, any provision of existing laws to the contrary notwithstanding. All expenses incident to a general revision of property assessments shall be divided equally between the province and the municipality.