Amendment status not verified — confirm the current text below against the official source.
Annual letting value of land or building.- (1) Notwithstanding anything contained in this Act or any other law for the time being in force, annual letting value of any building or land, whether revenue paying or not, shall be determined as per the resolution of the Corporation adopted in this behalf on the basis of per square meter of the carpet area of a building or land, as the case may be, taking into consideration the area in which the building or land is situate, its location, situation, purpose for which it is used, its capacity for profitable user, quality of construction of the buildings and other relevant factors and subject to such rules as may be made by the State Government in this behalf. 1-a The Commissioner shall prepare the draft resolution under sub-section (1) for the next financial year and submit before the Corporation before 31st December of each financial year . In case the Corporation fails to adopt the resolution as required by sub-section (1) by 31st March of each financial year then the draft resolution prepared by the Commissioner shall be presented to the Mayor and the resolution as approved by the Mayor shall be deemed to be the resolution finally adopted by the Corporation. (2) On the basis of the resolution adopted by the Corporation under sub-section (1), every owner of land or building shall assess the annual letting value of his land or building and deposit the amount of property tax along with a return in this behalf, in the prescribed form, on or before the date fixed by the Corporation, failing which a surcharge at the rate, as may be determined by the Corporation, shall be charged. (3) The variation up to ten per cent on either side in the assessment made under sub-section (2) shall be ignored. In case where the variation is more than ten percent, the owner of land or building, as the case may be, shall be liable to pay penalty equal to five times the difference of self assessment made by him and the assessment made by the Corporation. (4) An appeal shall lie to the Mayor-in-Council against the orders passed under sub-section (3).