Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

SECTION 1. Any provision of law or city charter to the contrary notwithstanding, no revised assessment of real estate for taxation purposes shall be made within five years from the last preceding assessment, and no increase or decrease of assessment at any one time shall be more than twenty-five per centum in the case of commercial and industrial lots; fifteen per centum in case of agricultural and residential lots not actually occupied by the owner and ten per centum in case of residential lots actually occupied by the owner, of the last preceding assessed value: Provided, That the limitations herein shall not apply if by reason of public improvements the-nature of the real estate has been changed from rural to urban or from residential to commercial and industrial site: Provided, further, That the corresponding provincial or city assessor shall undertake the revision of assessments every five years.

SEC. 2. All laws, Acts, parts of Acts, city charters, ordinances and resolutions which are inconsistent with this Act are hereby repealed.

SEC. 3. This Act shall take effect upon its approval.

Approved,

GIL J. PUYAT	CORNELIO T. VILLAREAL
President of the Senate	Speaker of the House of Representatives
This Act, which originated in the Senate, was finally passed by the same on September 23, 1972.	Finally passed by the House of Representatives on September 23, 1972.

ELISEO M. TENZA	INOCENCIO B. PAREJA
Secretary of the Senate	Secretary of the House Representatives

Approved: October 23, 1972