Amendment status not verified — confirm the current text below against the official source.
(1) “Annual value” means— (a) in the case of railway stations, hotels, colleges, schools, hospitals, factories and other such buildings, a proportion not exceeding five per centum to be fixed by rule made in this behalf of the sum obtained by adding the estimated present cost of erecting the building to the estimated value of the land appurtenant thereto; and (b) in the case of a building or land not falling within the provisions of clause (a), the gross annual rent for which such building, exclusive of furniture or machinery therein, or such land is actually let or where the building or land is not let or in the opinion of the [Municipality]2 is let for a sum less than its fair letting value, might reasonably be expected to let from year to year. (2) Provided that where the annual value of any building would by reason of exceptional circumstances in the opinion of the [Municipality]2 be excessive if calculated in the aforesaid manner, the [Municipality]2 may fix the annual value of any less amount which appears to it equitable. Preparation of assessment list