Amendment status not verified — confirm the current text below against the official source.
Determination of capital value.-(1) For determininO' the capital value for the purposes of this Act, the annual valu~ of a bulldmg shall be the annual value fixed for that bUlldmg in the assessment books of the local authority w1thm whose .J"l area the building is situate. (2) Notwithstanding anythmg contained m sub-section (1), if the assessmg authority 1s of opm10n that the annual value fixed for a building in the assessment books of the local autho- nty is too low, 1t may, after giving the person or persons affected thereby an opportunity of being heard, fix the annual value of the buildmg. (3) Where the local authority has not fixed the annual value of a buildmg in any case falling under sub-section (2) or sub-sectwn (3) or sub-sectwn ( 4) of sectwn 5 w1thm a penod of s1x months after the completiOn of the repair or Improve- ment or the construction or additwn or combmatwn, as the case may be, the assessing authonty may, after g1vmg the person or persons affected thereby an opportumty of bemg heard and after informmg the local authonty concerned, assess the annual value of the building , ~ (4) In determmmg the annual value under sub-section (2) or sub-section (3), the assessing authonty shall have regard to the following factors, namely .- (a) the location of the building , (b) the nature and quality of the structure of the building; ways; (c) the capab1hty of the buildmg for profitable use ; (d) amemtles provided m the building, (e) access to the building from public roads or water (f) the value of the land on which the bUlldmg 1s constructed , (g) the estimated cost of construction of the building ; (h) such other factors as may be prescnbed. 79