"(Artículo 1º.-Introdúcense las siguientes modificaciones en la ley Nº 19.575: a) replaced, in subparagraph first of article 1, the phrases"December 31 of the year 2001","December 31 of the year 2000 "and"1 January of the year 2002", by"30 June of the year 2004","31 December of the year 2001"and"1 July of the year 2004" respectively.
(b) replaced article 2, introduced by the single Act No. 19.629 article, replaced by article 1 of law No. 19.714, by the following: ' article 2.-empowering the President to reduce, for once, the annual rate of the land property tax agricultural roots and increase the amount of the exemption from the land tax benefiting the farms. " This ability shall remain in force from the date of publication of this law, but the lowering of the rate and the increase in the exemption will take effect from the date on which enters into force the reavaluo of goods agricultural roots to which this Act applies.
The President of the Republic shall exercise this ability on the occasion of the reavaluo of goods agricultural estate referred to in article 1 if comparing, in currency of equal value, projecting annual of the total amount of the same contributions rotated without considering the effect of the reavaluo, with the total amount corresponding to later turn him, the latter proves higher by more than 10% to the first.
This power should be exercised so that the annual projection of the total amount drawn as a result of the application of the reavaluo does not exceed 10% referred to the annual projection of the amount revolved before the reavaluo and that, in addition, the contributions of each venue do not increase by more than 100%, that the exempt amount is not less than $4,500,000 and not more than 1% rate.
In the case of the land which, by application of the reavaluo, pass the exempt status affects the payment of contributions, increase up to 100% of the contributions shall apply on the basis of a value for $5,000 fee, currency July 1 of the year 2002. "."