PHILIPPINE LAWS, STATUTES AND CODES
|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-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|
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
Section2. 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.
Section3. 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.
Section4. This Act shall take effect upon its approval.