Time Extension for Former Owner To Repurchase Real Property Bought by Third Party at Public Sale
Commonwealth Act No. 703, enacted on November 1, 1945, remits land taxes and penalties due for the years 1942 to 1945, with specific provisions for the second semester of 1941. It also exempts land taxes on properties primarily used for buildings destroyed during the war for one year from the Act's approval. The Act lifts forfeitures of real property due to tax delinquency and allows former owners one year to repurchase their properties sold at public auction, provided they pay the remaining taxes due by the end of 1945. This legislation aims to alleviate the financial burden on landowners affected by the war.
Law Information
- Reference Number
- Commonwealth Act No. 703
- Date Enacted
- Category
- Statutes
- Subcategory
- Commonwealth Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
November 1, 1945
COMMONWEALTH ACT NO. 703
AN ACT TO REMIT THE LAND TAX DUE BETWEEN THE FIRST SEMESTER OF THE YEAR NINETEEN HUNDRED AND FORTY-ONE AND THE SECOND SEMESTER OF THE YEAR NINETEEN HUNDRED AND FORTY-FIVE; AND TO EXTEND THE TIME WITHIN WHICH A FORMER OWNER MAY REPURCHASE REAL PROPERTY BOUGHT BY A THIRD PARTY AT PUBLIC SALE TO COVER DELINQUENT TAXES AND PENALTIES THEREON DURING THE AFORESAID PERIOD
SECTION 1. All land taxes and penalties due and payable for the years nineteen hundred and forty-two, nineteen hundred and forty-three, nineteen hundred and forty-four and fifty per cent of the tax due for nineteen hundred and forty-five, are hereby remitted. The land taxes and penalties due and payable for the second semester of the year nineteen hundred and forty-one shall be remitted if the remaining fifty per cent corresponding to the year nineteen hundred and forty-five shall have been paid on or before December thirty-first, nineteen hundred and forty-five.
SECTION 2. There shall also be remitted the land taxes on all lands, used mainly for the construction of any building which has been burned or destroyed by reason of the present war, until another building shall have been constructed thereon: Provided, however, That this exemption shall lapse after one year from the approval of this Act.
SECTION 3. All forfeitures of real property by reason of delinquency in the payment of the taxes and penalties corresponding to the above-mentioned period are hereby lifted, and such properties forfeited shall be returned to the owners thereof, unless the same have already been sold in accordance with law in favor of a third party, in which case the former owner is given a period of one year after the approval of this Act within which to repurchase the same at the same price for which it has been sold with legal interest plus the reasonable value of the improvements therein made, if any: Provided, That the remaining fifty per cent of the tax due for the year nineteen hundred and forty-five shall have been paid on or before December thirty-first, nineteen hundred and forty-five.
SECTION 4. This Act shall take effect upon its approval.
Approved: November 1, 1945
Cite This Law
Time Extension for Former Owner To Repurchase Real Property Bought by Third Party at Public Sale, Commonwealth Act No. 703, Nov 1, 1945 (Philippines)
Time Extension for Former Owner To Repurchase Real Property Bought by Third Party at Public Sale, Commonwealth Act No. 703 (Phil. 1945)
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