Section 271. Distribution of Proceeds. —

The proceeds of the basic real property tax, including interest thereon, and proceeds from the use, lease or disposition, sale or redemption of property acquired at a public auction, in accordance with the provisions of this Title, by the province or city or a municipality within the Metropolitan Manila Area shall be distributed as follows:

1. In the case of provinces:

   1. Province — Thirty-five percent (35%) shall accrue to the general fund;

   2. Municipality — Forty percent (40%) to the general fund of the municipality where the property is located; and

   3. Barangay — Twenty-five percent (25%) shall accrue to the barangay where the property is located.

2. In the case of cities:

   1. City — Seventy percent (70%) shall accrue to the general fund of the city; and

   2. Barangay — Thirty percent (30%) shall be distributed among the component barangays of the cities where the property is located in the following manner:

      1. Fifty percent (50%) shall accrue to the barangay where the property is located;

      2. Fifty percent (50%) shall accrue equally to all component barangays of the city; and

3. In the case of a municipality within the Metropolitan Manila Area:

   1. Metropolitan Manila Authority — Thirty-five percent (35%) shall accrue to the general fund of the Authority;

   2. Municipality — Thirty-five percent (35%) shall accrue to the general fund of the municipality where the property is located;

   3. Barangays — Thirty percent (30%) shall be distributed among the component barangays of the municipality where the property is located in the following manner:

      1. Fifty percent (50%) shall accrue to the barangay where the property is located; and

      2. Fifty percent (50%) shall accrue equally to all component barangays of the municipality.

4. The share of each barangay shall be released, without need of any further action, directly to the barangay treasurer on a quarterly basis within five (5) days after the end of each quarter and shall not be subject to any lien or holdback for whatever purpose.