a.) Real property owned by the Republic of the Philippines or any of its political subdivisions except when the beneficial use thereof has been granted, for consideration or otherwise, to a taxable person.
b.) Charitable institutions, churches, parsonages or convents appurtenant thereto, mosques, nonprofit or religious cemeteries and all lands, buildings, and improvements actually directly, and exclusively used for religious, charitable or educational purposes;
c.) All machineries and equipment that are actually, directly and exclusively used by local water districts and government-owned or controlled corporations engaged in the supply and distribution of water and/or generation and transmission of electric power;
d.) All real property owned by duly registered cooperatives as provided for under R.A. No.6938; and
e.) Machinery and equipment used for pollution control and environment protection
PREPARATION OF SCHEDULE OF FAIR MARKET VALUES:
Before any revision of real property assessment is made there shall be prepared schedule of market values by the assessor for the different classes of real property situated in their respective local government units thru the enactment of the ordinance by the sanggunian concerned.
SPECIAL CLASSES OF REAL PROPERTY
All Lands, buildings and other improvements thereon actually directly and exclusively used by the local water districts, and government owned or controlled corporations rendering essential public services in the supply and distribution of water and /or generation and transmission of electric power.
ASSESSMENT PROPERTY SUBJECT BACK TAXES
Real Property declared for the first time shall be subject to back taxes for the period during which it would be liable but in no case for more