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Sec. 22. Valuation of Real Property. — Upon the discovery of real property or during the general revision of property assessments as provided in Section twenty-one of this Code or at any time when requested by the person in whose name the property is declared, the provincial or city assessor or his authorized deputy shall make an appraisal and assessment in accordance with Section five hereof of the real property listed and described in the declaration irrespective of any previous assessment or taxpayer's valuation thereon: Provided; however, That the assessment of real property shall not be increased oftener than once every five years in the absence of new improvements increasing the value of said property or of any change in its use, except as otherwise provided in this Code.

Sec. 23. Certification of Revised Values to the Secretary of Finance. — When the provincial or city assessor shall have finished a general revision of property assessments for any province, municipality or city, he shall so certify to the Secretary of Finance and the assessments shall become effective and taxes shall accrue and be payable thereunder in accordance with the provisions of this Code.

Sec. 24. Date of Effectivity of Assessment or Reassessment. — All assessments or reassessments made after the first day of January of any year shall take effect on the first day of January of the succeeding year: Provided, however, That the reassessment of real property due to its partial or total destruction, or to a major change in its actual use, or to any great and sudden inflation or deflation of real property values, or to the gross illegality of the assessment when made or to any other abnormal cause, shall be made within ninety days from the date any such cause or causes occurred, the same to take effect at the beginning of the quarter next following the reassessment.

Sec. 25. Assessment of Property Subject to Back Taxes. — Real property declared for the first time shall have back taxes assessed against it for the period during which it would have been liable if assessed from the first in proper course but in no case for more than ten years prior to the year of initial assessment; Provided, however, that the back taxes shall be computed on the basis of the applicable schedule of values in force during the corresponding period.

If said taxes are paid before the expiration of the tax collection period next ensuing, no penalty for delinquency shall be imposed, otherwise the taxes shall be subject to all the penalties to which they would have been liable and had they originally become delinquent after assessment of the property in the usual course.

Sec. 26. Binding effect of Assessment or Reassessment. — All assessments and reassessments made under the provisions of this Code shall be valid and binding on all persons having legal interest on the property.

Sec. 27. Notification of New or Revised Assessments. — When real property is assessed for the first time or when an exercising assessment is increased or decreased, the province or city shall within thirty days give written notice of such new or revised assessment to the person in whose name the property is declared. The notice may be delivered personally to such person or to the occupant in possession, if any, or by mail to the last known address of the person to be served, or through the assistance of the barrio captain.

Sec. 28. Appraising Machinery. — The current market value of the machinery shall be determined on the basis of the original cost in the case of newly acquired machinery not yet depreciated and is appraised within the year of its purchase. In the case of all others, the current market value shall be determined by dividing the remaining economic life of the machinery by its economic life and multiplied by the replacement or reproduction cost (new) of said machinery.

If the machinery is imported, replacement or reproduction cost (new) shall be the original acquisition cost which would normally include such costs as freight and insurance charges, brokerage, arrastre and handling, customs duties and taxes plus cost of inland transportation and handling, and significant installation charges at the present site. The cost in foreign currency of imported machinery shall be converted to peso cost on the basis of foreign currency exchange rates as fixed by the Central Bank of the Philippines.

Sec. 29. Depreciation Allowance for Machinery. — For purposes of assessment, a depreciation allowance shall be made for machinery at a rate not exceeding ten per cent of its original cost or its replacement or reproduction cost (new), as the case may be, for each year of use: Provided, That the remaining value for all kinds of machinery shall be fixed at not less than twenty per cent of such original or replacement cost for so long as the machinery is useful and in operation.

CHAPTER III ASSESSMENT APPEALS

Sec. 30. Local Board of Assessment Appeals. — Any owner who is not satisfied with the action of the provincial or city assessor in the assessment of his property may, within sixty days from the date of receipt by him of the written notice of assessment as provided in this Code, appeal to the Board of Assessment appeals of the province or city, by filing with it a petition under oath using the form prescribed for the purpose, together with copies of the tax declarations and such affidavit or documents submitted in support of the appeal.

Sec. 31. Organization, Powers and Functions of the local Board of Assessment Appeals. — The Local Board of Assessment Appeals shall be composed of three members: the Register of Deeds, as Chairman, the Provincial of City Auditor and the Provincial or City Engineer, as Members, who shall serve as such in an ex-officio capacity without additional compensation. In provinces or cities without Provincial or City Engineers, the Highway District Engineer shall serve as member of the Board, likewise in an ex-officio capacity without additional compensation. In the absence of a regular appointee, the officer performing the duties of the Register of Deeds, or the Provincial or City Auditor, or the Provincial, City or Highway District Engineer whether in an acting capacity or as a duly-designated officer-in-charge shall automatically become the Chairman or member of the said Board, as the case may be.

The Chairman of the Board shall have the power to designate any government employee of the province or city to serve as Secretary of the Board also without additional compensation.

The Chairman and members of the Local Board shall enter into the duties of their respective positions without need of further appointment or special designation immediately upon approval of this Code. The members of the Board shall each take the following oath, copy of which shall be furnished the Secretary of Finance:

"I ____________, having been appointed to the position of __________, hereby solemnly swear that I will well and faithfully discharge to the best of my ability and duties of my present position and of all others I may hereafter hold under the Republic of the Philippines, and that I will support and defend the Constitution of the Philippines; and that I will obey the laws, legal orders, and decrees promulgated by the duly constituted authorities of the Republic of the Philippines; and that I will well and truly hear and determine all matters and issues between taxpayers and the provincial or city assessor submitted for my decision, and that I impose this obligation upon myself voluntarily, without mental reservation or purpose of evasion.
So help me God.

__________

Signature

SUBSCRIBED AND SWORN to before as this ______ day of __________ A.D. _________ at ____________ Philippines.

____________

Signature of Officer administering oath"

Sec. 32. Meetings. — The local Board shall hold sessions at least once a month, and as often as may be necessary for the prompt disposition of the appealed cases pending before it. No member of the Board shall be entitled to per diems or traveling expenses for his attendance in Board sessions, except when conducting an ocular inspection in connection with a case under appeal.

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