Amendment status not verified — confirm the current text below against the official source.
Rateable value how to be determined.--- (1) In order to,fix:the rateable value of any building or land assessable to a pr~perty tax, there -shall, be deducted 'from .the amount of rent for which such building or lan@,,might reasonably beexpectedto . let or for which :,.it is actually. let, from year. to year. whichever is greater, a sum equal to ten. per :..centurn of the said .annual, rent. .,..and the said deduction shall be in lieu of all allowances for repairsor on any other account whatever. , . . <, . . ~..., ( 2 ) The value of any machinery contained or situated in or upon any building or land shall not be included in the rateable value of such building or land.