THE LAW ON TRANSFER AND BUSINESS TAXATION
24. Machinery contemplated ..................................................... 599 25. Appraisal and assessment of machinery............................. 600 26. Depreciation allowance for machinery................................ 601 27. Remedy of taxpayer against assessment issued................. 601 3. Appeal on Assessment 1. Appeal to LBAA .................................................................... 602 2. Action by the LBAA.............................................................. 602 3. Appeal to the CBAA ............................................................. 603 4. Imposition of the Tax 1. Power to levy real property tax ........................................... 603 2. Rates of levy.......................................................................... 603 3. Exemptions from real property tax ..................................... 604 4. Classification of exemption .................................................. 606 5. Persons liable to the tax....................................................... 607 5. Special Levies on Real Property 1. Meaning of special assessment............................................ 608 2. Principle underlying special assessment ............................ 608 3. Special levies authorized...................................................... 609 4. Idle lands covered................................................................. 609 5. Idle lands exempt from tax .................................................. 610 6. Listing of idle lands by the assessor.................................... 610 7. Ordinance imposing a special levy ...................................... 610 8. Publication of proposed ordinance imposing a special levy .................................................................. 611 9. Fixing the amount of special levy........................................ 611 10. Taxpayer’s remedies against special levy ........................... 611 11. Accrual of special levy .......................................................... 612 6. Collection of the Tax 1. Date of accrual of tax ........................................................... 612 2. Collection of tax .................................................................... 612 3. Assessor to furnish local treasurer with assessment roll ............................................................... 612 4. Notice of time for collection of tax ....................................... 612 5. Payment of real property taxes in installments ................. 613 6. Tax discount for advance payment...................................... 613 7. Payment under protest ........................................................ 613 8. Repayment of excessive collections ..................................... 614
9. Notice of delinquency in the payment
of the real property tax .................................................. 615 10. Interests on unpaid real property tax ................................. 615 11. Remedies for the collection of real property tax ................. 616 12. Local government’s lien ....................................................... 616 13. Levy on real property ........................................................... 616 14. Execution of money judgment against real property of judgment debtor .......................................... 617 15. Advertisement and sale ....................................................... 618 16. Redemption of property sold ................................................ 620 17. Final deed to purchaser ....................................................... 620 18. Purchase of property by the local government unit ........... 620 19. Resale of real estate taken for taxes, fees, or charges ............................................................... 621 20. Collection of real property tax through the courts ............. 621 21. Action assailing validity of tax sale..................................... 621 22. Payment of delinquent taxes on property subject of controversy .................................................... 622 23. Treasurer to certify delinquencies remaining uncollected ...................................................................... 622 24. Periods within which to collect real property taxes ........... 622 7. Disposition of Proceeds 1. Distribution and accrual of proceeds................................... 623 2. Proceeds of the additional 1% SEF tax ............................... 624 3. Proceeds of the tax on idle lands ......................................... 625 4. Proceeds of the special levy.................................................. 625
8. Special Provisions 1. Condonation or reduction of real property tax
and interest .................................................................... 625 2. Duty to furnish copies of documents ................................... 625 3. Payment of certain taxes and fees....................................... 626 4. Sale and forfeiture before effectivity of Code...................... 626
Index .............................................................................................. 627
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