Guidelines in the Implementation of P.D. No. 261, as amended

November 26, 1973 REVENUE MEMORANDUM CIRCULAR NO. 66-73 TO : All Internal Revenue Officers, Employees and Other Concerned For the information and guidance of all officials and employees of this Bureau, there is quoted hereinbelow Department Order No. 37-73 of the Honorable, the Secretary of Finance dated October 17, 1973, which is self-explanatory. "DEPARTMENT ORDER NO. 37-73 "October 17, 1973 "SUBJECT : Guidelines in the Implementation of Presidential Decree No. 261, dated August 2, 1973, entitled 'Amending Presidential Decree No. 76 by Prescribing Assessment Levels For Special Classes of Real Property' "TO : All Provincial and City Assessors "For the effective and proper implementation of Presidential Decree No. 261, the following guidelines are hereby prescribed: "1. In determining the current and fair market value of the Special classes of real property mentioned in the Decree, the present Schedule of Market Values prescribed under Presidential Decree No. 76 shall be applied. In case such special classes of real property are not provided for in the present Schedule of Market Values, they shall be appraised independently of the Schedule at the current and fair market value prevailing in the area where such special classes of property are located. "2. It should be understood that the special assessment levels prescribed in the Decree shall apply only when the property owner himself, not another, is the user of the same for any of the special purposes provided in the Decree. "3. All lands, buildings and other improvements thereon falling under the special classes should be properly declared, classified and assessed according to their respective assessment levels as prescribed in the Decree. "This Order shall take effect immediately and all circulars, regulations and orders contrary to or inconsistent herewith are hereby revoked or modified accordingly. "Strict compliance herewith is hereby ordered. cdta "(SGD.) CESAR VIRATA "Secretary" MISAEL P. VERA Commissioner of Internal Revenue TAN-1601-593-5