Amendment status not verified — confirm the current text below against the official source.
(1) The fair assessment of all lands shall be calculated in accordance with the principles and restrictions set forth in this section. (2) No regards shall be had to any claim to hold land on privileged terms. (3) Regard shall be had in the case of agricultural land to the profits of agriculture, consideration paid for leases, sale prices of land and the principal moneys on mortgages, and in the case of non- agricultural land to the value of the land for the purposes for which it is held. (4) The fair assessment on land used for non-agricultural purposes shall not exceed one-third of the estimated rental value of the land to be determined in the prescribed manner. (5) Where an improvement has been affected at any time in any holding held for the purpose of agriculture by or at the expense of the holder thereof, the fair assessment of such holding shall be fixed as if the improvement had not been made. (6) Except for special reasons to be approved in each case by the Chief Commissioner, no increase in the fair assessment of holding for the purposes of agriculture shall exceed fifty percent of the existing assessment.