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

The Real Property Tax Code, established in 1974, serves as the foundational legal framework for the administration of real property taxes in the Philippines. This legislation provides the necessary guidelines and regulations for the assessment, collection, and enforcement of real property taxes, ensuring that local government units have a clear and standardized approach to managing such taxes. The code outlines the rights and responsibilities of property owners, as well as the procedures for property valuation and tax levy, which are essential for effective local revenue generation.

By establishing these guidelines, the Real Property Tax Code plays a critical role in supporting local governance and promoting equitable taxation practices across different municipalities. This code has been instrumental in shaping the way real property taxes are handled, making it crucial for students and professionals involved in local treasury operations to have a comprehensive understanding of its provisions and implications.