What code established the basis for Real Property Tax Administration System in the Philippines in 1974?

The correct answer is the Real Property Tax Code, which was established to provide a structured framework for the assessment and collection of real property taxes in the Philippines. This legislation set forth the guidelines and procedures necessary for local government units to manage real property taxation effectively.

The Real Property Tax Code was crucial for standardizing how property assessments were conducted and ensuring that real property taxes were imposed fairly and efficiently. It aimed to promote transparency and accountability in local revenue collection, aligning the processes with the needs of both the government and property owners.

In the context of local governance and fiscal management, this code has long been foundational for municipalities and cities, providing them with the authority and mechanisms to generate revenue through real property taxes, which is a significant source of local government funding.