BATAS PAMBANSA BLG. 400

: Batas Pambansa Blg. 400 amends Section Forty-Six of Batas Pambansa Bilang 232.
: Real property such as lands, buildings, and other improvements used actually, directly, and exclusively for educational purposes.
: The real property tax is based on an assessment of fifteen percent of the market value of the property.
: All proceeds from the payment of the tax accrue to a special private education fund.
: The special private education fund is managed and disbursed by a local private school board constituted in each municipality or chartered city with private educational institutions.
: The board is chaired by the mayor or his representative and includes not more than two representatives of the institutional taxpayers and not more than two residents who are alumni of any institutional taxpayers.
: The number of private school board members can increase to not more than fourteen members, proportionately determined by the Minister of Education, Culture and Sports.
: The priorities are: student-pupil scholarships; improvement of instructional facilities including laboratories; acquisition of library books and periodicals; and extension services in the community, in that order.
: It took effect upon its approval on June 3, 1983.
: To generate funds for private education that are used to support scholarships, improve facilities, acquire library resources, and provide community extension services.