Amendment status not verified — confirm the current text below against the official source.
Assessment of annual value and duration of assessment.— (1) The valuation of any land or building situated in one or more of the several wards, the respective number, names and boundaries of which may be specified by the State Government by notification, which has been made before the commencement of this Act and is in force at the commencement of this Act, shall remain in force and shall be deemed to be the valuation for the assessment of the property taxes on such land or building under this Act for a period of two years or until such time as the Commissioner makes a fresh valuation under this Act of the lands and buildings in each such ward, and the annual value of such lands and buildings in each such ward, shall, after such assessment has been made by the Commissioner at the termination of successive periods thereafter. --63-- (2) The Commissioner may, instead of making a new assessment every year, adopt the existing assessment, with such alteration as he thinks fit, as the assessments for each new year, giving to persons affected by such alterations the same notice of the altered valuation and assessment prepared. (3) The Commissioner shall arrange for a survey for the purposes of assessment of each part of the City at least once in five years save for the omission, with the previous consent of the Standing Committee, of and small areas which might be more conveniently re-assessed in a subsequent year.