[ Commonwealth Act No. 534, May 26, 1940 ]
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."
Be it enacted by the National Assembly of the Philippines:
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Act numbered Four hundred and seventy, known as the 'Assessment Law,' is declared ineffective, and the said proviso is repealed.
SEC. 2. This Act shall take effect as of January one, nineteen hundred and forty.
Approved, May 26, 1940.
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Act numbered Four hundred and seventy, known as the 'Assessment Law,' is declared ineffective, and the said proviso is repealed.
SEC. 2. This Act shall take effect as of January one, nineteen hundred and forty.
Approved, May 26, 1940.