Amendment status not verified — confirm the current text below against the official source.
Exemption of property Tax. Payments to be made to Corporation in lieu of general tax by the Central Government or State Government, as the case may be. 186 [Act No. II of 1956] appointed in this behalf by the State Government with the concurrence of the Corporation. The said value shall be fixed by the said person, with a general regard to the provisions contained in this Act and the rules made thereunder concerning the valuation of property assessable to property taxes, at such amount as he shall deem to be fair and reasonable. The decision of the person so appointed shall hold good for a term of five years, subject only to proportionate variation, if in the meantime the number or extent of the buildings and lands vesting in the 257[XXX] State Government in the city materially increases or decreases. (3) The sum to be paid annually to the Corporation by the 257[XXX] the State Government, as the case may be, shall be the amount which would be payable by an ordinary owner of buildings or lands in the city on account of the general tax, on a rateable value of same amount as that fixed under sub-section (2). 258[(4) The Government may impose a suitable cut in the amounts of grants or as the case may be the compensation to be released in respect of Corporation whose tax collection is less than eighty-five percent of the demand of each year.] Liability of Property Taxes.