Amendment status not verified — confirm the current text below against the official source.
(1) For the purposes of this Act, a property tax on the annual value of lands and buildings as determined under this Chapter, shall- be imposed by the Municipality. (2) Such property tax shall be determined as follows:— (a) where the annual value of land and buildings does not exceed nine hundred and ninety-nine rupees, the property tax shall be determined in accordance with the following formula:— (annual value + 10) per cent; 100 (b) where the annual value of lands and buildings exceeds nine hundred and ninety-nine rupees, the tax shall be determined in accordance with the following formula:— (annual value + 22) per cent; 1,000 Provided that the property tax shall not exceed 40 per cent of the annual value of lands and buildings: 252 The West Bengal Municipal Act, 1993. XXII of 1993.] (Part 1V.—Municipal Taxation and Application Fee.— Chapter X.—Taxes and Fees.—B. Rating and Valuation—Sections 97-101.) Provided further that while calculating the percentage of property tax, the decimal figure below 0.5 shall be ignored and the decimal figure of 0.5 or above shall be rounded off to 1: Provided also that the State Government may from time to time by notification, revise the formula referred to in clause (a) and clause (b) of this sub-section and upon such revision, this Act shall be deemed to have been amended accordingly: Provided also that no such revision shall be made more than once in five years.