Commonwealth Act No. 534, enacted on May 26, 1940, declares the reduction of the assessed value of permanent plants and trees on taxable real property by fifty percent as ineffective, pending a new assessment. This act repeals a specific proviso in the "Assessment Law" that allowed such reductions. The changes take effect retroactively from January 1, 1940. The law aims to ensure a consistent approach to property assessment regarding permanent plants and trees.
May 26, 1940
COMMONWEALTH ACT NO. 534
AN ACT TO DECLARE INEFFECTIVE THE REDUCTION OF THE ASSESSED VALUE OF ALL PERMANENT PLANTS AND/OR TREES ON ANY TAXABLE REAL PROPERTY IN ANY PROVINCE BY FIFTY PER CENT PENDING THE NEW ASSESSMENT THEREIN, AND TO REPEAL THE PROVISO CONTAINED IN THE SECOND PARAGRAPH OF SECTION FIFTY-THREE OF COMMONWEALTH ACT NUMBERED FOUR HUNDRED AND SEVENTY, KNOWN AS THE "ASSESSMENT LAW"
SECTION 1. The reduction of the assessed value of all permanent plants and/or trees on any taxable real property in any province by fifty per cent pending a new assessment of such plants and/or trees, pursuant to the proviso contained in the second paragraph of section fifty-three of Commonwealth Act Numbered Four hundred and seventy, known as the "Assessment Law," is declared ineffective, and the said proviso is repealed. prcd
SECTION 2. This Act shall take effect as of January one, nineteen hundred and forty.
Approved: May 26, 1940