Amendment to P.D. No. 464, the Real Property Tax Code

November 4, 1977 PRESIDENTIAL DECREE NO. 1230 AMENDING SECTION 86, PARAGRAPH (b) OF PRESIDENTIAL DECREE NUMBERED FOUR HUNDRED SIXTY FOUR, OTHERWISE KNOWN AS THE R EAL PROPERTY TAX COD E WHEREAS, barangays depend largely upon their shares in real property taxes collections to maintain their operational requirements; casia WHEREAS, under the present allocation of the real property tax, barangays located in cities receive ten per cent of the annual collections, while the barangays in the municipalities receive only five per cent of the provincial and municipal collections; WHEREAS, in order to strengthen the barangays in the rural areas and to provide them with more funds for priority development projects, there is a need to amend the pertinent provisions of PD 464, otherwise known as the Real Property Tax Code; NOW THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby decree and order: aisa dc SECTION 1. Sub-paragraph (1), Section 86(b), of PD 464, is hereby repealed and in lieu thereof, a new paragraph is hereby inserted in the aforecited Section of the Decree to read as follows: "SEC. 86. Distribution of proceeds . . . . xxx xxx xxx "(b) Barangay shares in real property tax collections . Beginning January 1, 1978 and thereafter, the annual shares of the barangays in the basic real property tax collections shall be as follows: (1) Ten per cent of the total annual collections of the province and the municipality shall accrue to the barangay where the property subject to the tax is located." cd xxx xxx xxx SECTION 2. All laws or parts of laws contrary to, or inconsistent with, this Decree are hereby repealed, amended, or modified accordingly. SECTION 3. This Decree shall take effect January 1, 1978. DONE in the City of Manila, this 4th day of November, in the year of Our Lord, Nineteen Hundred and Seventy-Seven. aisa dc Published in the Official Gazette, Vol. 74 No. 6 Page 1044 on February 6, 1978.