Assessment Law Title of Chapter S ECTION  430 . Title of Chapter . —This chapter shall be known as the Assessment Law. Levy and Disposition of Proceeds S ECTION  431 . Incidence of Real-Property Tax . — In those parts of the Philippine Islands comprised in regularly organized municipalities situated elsewhere than in the Department of Mindanao and Sulu there shall be levied, assessed, and collected, an annual  ad valorem  tax on real property, including land, buildings and other improvements not hereinafter specifically exempted. [82-43 ( a ); 83-40 ( a, i ); 303-1 ( h ) ; 2238.] S ECTION  432 . Property Exempt from Tax . — The exemptions shall be as follows: [82-62; 1458-10.] [ 82-43 ( a ) ; 303-1 ( h ).] [655-3; 680-1.] Copyright 2012 CD Technologies Asia, Inc. and Accesslaw, Inc. Philippine Law Encyclopedia 2011 136 (d) When the entire assessed valuation of real property in any one municipality, belonging to a single owner, shall be less than the sum ( c ) Churches and parsonages or conventos appurtenant thereto, and all lands, buildings, and improvements used exclusively for religious, charitable, scientific, or educational purposes; but this exemption shall not extend to property held for investment, o r which produces income, even though the income be devoted to some one or more of the purposes above specified. ( b ) Cemeteries or burial grounds. ( a ) Property owned by the United States of America, the Government of the Philippine Islands, or by any province or municipality in the Philippine Islands. ARTICLE  I PRELIMINARY  ARTICLE