Amendment status not verified — confirm the current text below against the official source.
(1) The rateable value of any land or able value building assessable to property taxes shall be the of lands and annual rent at which such land or building might sessaHe to85" r c a s o n a bly be expected to let from year to year, less— property taxes. (a) a sum equal to ten per cent of the said annual rent which shall be in lieu of all allo wances for cost of repairs and insurance, and other expenses, if any, necessary to main tain the land or building in a state to com mand that rent; and (b) the water tax or the scavenging tax or both if the rent is inclusive of either or both of the said taxes: Provided that if the rent is inclusive of charges for water supplied by measurement, then for the purpose of this section, the rent shall be treated as inclusive of water tax on rateable value and the deduction of the water tax shall be made as provided therein: Provided further that in respect of any land or building the standard rent of which has been fixed under the Assam Urban Areas Rent Control Act, 1951, the rateable value thereof shall not exceed the annual amount of the standard rent so fixed. (2) The rateable value of any land which is not built upon, but is capable of being built upon and of any land on which a building is in process of erection shall be fixed at five per cent of the estimated capital value of such land. (3) All plant and machinery contained or situated in or upon any land or building and belonging to any of the classes specified from time to time by public notice by the Commissioner under bye-laws made in this behalf shall be deemed to form part of such land or building for the purpose of determining the rateable value thereof under sub-section (1) but save as afore said no account shall he taken of the value of any plant or machinery contained or situated in or upon any such land or building: 104 Provided that where the Corporation so resolves, the annual value in case of owner occupied building and land shall for the purpose of assessment of property taxes be deemed to be 25 per cent less than the annual value otherwise determined under this section. Charge by