Amendment status not verified — confirm the current text below against the official source.
(1) The annual value of a holding comprising land or building situate in a municipal area, which has been determined before and is in force on the date of the commencement of this Act, shall remain in force until a fresh valuation list is enforced under this Act. (2) The Chairman-in-Council shall cause a general valuation of all the holdings in a municipal area in accordance with the provisions of this Chapter as soon as possible after the constitution of a new municipal area and at periodic intervals in the case of all other municipal areas, so as to ensure that there is a revision of annual valuation of all municipal holdings at the termination of successive period of six years: Provided that it shall be lawful to divide a municipal area into groups of wards so that periodic assessment at the interval of six years takes place in each such group instead of the entire municipal area at a time.