Amendment status not verified — confirm the current text below against the official source.
1 [72. Description and class of property tax. ––(1) Unless exempted under this Act or any other law for the time being in force, property tax shall be levied on all lands and buildings or vacant lands or both situated within the municipal area. (2) The property tax shall be levied at such percentage not exceeding fifteen per cent of the taxable annual value of land and building or vacant land or both, as the Government may, by notification, from time to time specify.