Section 218 of RA 7160

SEC. 218. Assessment Levels. - The assessment levels to be applied to the fair market value of real property to determine its assessed value shall be fixed by ordinances of the sangguniang panlalawigan, sangguniang panlungsod or sangguniang bayan of a municipality within the Metropolitan Manila Area, at the rates not exceeding the following: (a) On Lands: CLASS ASSESSMENT LEVELS Residential 20% Agricultural 40% Commercial 50% Industrial 50% Mineral 50% Timberland 20% (b) On Buildings and Other Structures: (1)Residential Fair Market Value Over Not Over Assessment Levels P 175,000.00 0% P 175,000.00 300,000.00 10% 300,000.00 500,000.00 20% 500,000.00 750,000.00 25% 750,000.00 1,000,000.00 30% 1,000,000.00 2,000,000.00 35% 2,000,000.00 5,000,000.00 40% 5,000,000.00 10,000.000.00 50% 10,000,000.00 60% (2) Agricultural Fair Market Value Over Not Over Assessment Levels P 300,000.00 25% 300,000.00 500,000.00 30% 500,000.00 750,000.00 35% 750,000.00 1,000,000.00 40% 1,000,000.00 2,000,000.00 45% 2,000,000.00 50% (3) Commercial / Industrial Fair Market Value Over Not Over Assessment Levels P 300,000.00 30% P 300,000.00 500,000.00 35% 500,000.00 750,000.00 40% 750,000.00 1,000,000.00 50% 1,000,000.00 2,000,000.00 60% 2,000,000.00 5,000,000.00 70% 5,000,000.00 10,000,000.00 75% 10,000,000.00 80% (4)Timber land Fair Market Value Over Not Over Assessment Levels P 300,000.00 45% P 300,000.00 500,000.00 50% 500,000.00 750,000.00 55% 750,000.00 1,000,000.00 60% 1,000,000.00 2,000,000.00 65% 2,000,000.0 70% (c) On Machineries Class Assessment Levels Agricultural 40% Residential 50% Commercial 80% Industrial 80% (d) On Special Classes: The assessment levels for all lands, buildings, machineries and other improvements; Actual Use Assessment Level Cultural 15% Scientific 15% Hospital 15% local water districts 10% Government-owned or controlled corporations engaged in the supply and distribution of water and/or generation and transmission of electric power 10%