Amendment status not verified — confirm the current text below against the official source.
54A[x x x x] Sub-section (2) & (3) substituted by sub-sections (2), (3) & (4) byAct 14 of 1999, w.e.f. 24-3-1999. Prior to the substitution section 226 read as under: "(2) (i) Notwithstanding anything contained in Kerala Buildings (Lease and Rent Control) Act, 1965 (2 of 1965) for the time being in force, the annual value of buildings and lands which are occupied by, or adjacent and appurtenant to buildings shall be deemed to be the gross annual rent at which they may reasonably be expected to be let from month to month or from year to year less a deduction, in the case of buildings of twenty per cent of that portion of such annual rent which is attributable to the buildings alone apart from their sites and adjacent lands occupied as an appurtenance thereto: Provided that- (a) in the case of - (i) any Government building; or (ii) any building of a class not ordinarily let, the gross annual rent of which cannot, in the opinion of the Secretary be estimated, the annual value of the premises shall be deemed to be six per cent of the total of the estimated value of the land and the estimated present cost of erecting the building after deducting for depreciation a reasonable amount which shall, in no case, be less than twenty per cent of such cost; and (b) machinery and furniture shall be excluded from valuations under this section: Provided further that where the annual value of any building or land which is occupied by or adjacent and appurtenant to buildings is attributable partly to the use of such land or building or any portion thereof for the display of any advertisement or advertisements, the value of such land or building for the purpose of assessing the property tax thereon shall be ascertained as if such land, building or portion is not used for the display of such advertisement or advertisements. (ii) In the alternative, the annual value of a building may be determined based on the letting value calculated on plinth area basis, less a deduction of twenty per cent for depreciation of buildings, subject to such rules as may be prescribed in this behalf. (iii) In the case of owner occupied residential buildings the annual value arrived at above shall be reduced by a rebate of twenty five per cent in value. (iv) Where any building is let out to a tenent the actual rent received by the owner is less than the reasonable annual value arrived at in the manner specified above, the annual value of such building shall for purpose of assessment of tax be fixed at the value arrived at and the difference of tax payable by the owner shall be recoverable by the owner from the tenant. (3) The Government shall have power to make rules regarding the manner in which the person or persons by whom and intervals at which the value of the land, the present cost of erecting the building and the amount to be deducted for depreciation shall be estimated or revised in any case or class of cases to which clause (a) of the proviso to sub-section (2) applies." Omitted by Act 30 of 2009 dt. 07/10/2009.Prior to the omission it read as under: Method of assessment of property tax.-(1) Every building shall be assessed together with its site and other adjacent premises occupied as an appurtenance thereto unless the owner of the building is a different person from the owner of such site or premises. [(2) Notwithstanding anything contained in the Kerala Buildings (Lease and Rent Control) Act, 1965 (2 of 1965) or any other law for the time being in force, for the purpose of assessing the property tax, it shall be assessed in the prescribed manner on the basis of the annual value of any buildings and lands adjacent to it, the importance of area where the building is situated, type of the building construction, method of use, plinth area, reasonable annual maintenance cost etc. and the tax shall be determined for the said building and land at the rate fixed by the Council under sub-section (3) of Section 233: Provided that from the property tax assessed in such manner, property tax shall be fixed by allowing the deduction at the rate of ten per cent to buildings above ten years and upto twenty years old, twenty per cent to buildings above twenty years and upto fifty years old and twenty-five percent to buildings above fifty years old. (3) In the case of a building given for the use of another person upon rent or on such other condition by the owner, the property tax shall be assessed by adding with it an amount equal to twenty-five per cent of the assessed tax under sub-section (2). (4) The Government may make rules regarding the person by whom and the intervals at which the annual value of buildings, the deduction or addition in the tax to be made etc,. is to be determined and the procedure for the realisation of tax amount.]