Amendment status not verified — confirm the current text below against the official source.
(1) For the purpose of this Act, a property tax on the annual value of lands and buildings as determined under this chapter, shall be imposed by the Corporation. (2) Such property tax shall be determined as follows:— (a) where the annual value of lands 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/100 + 10] per cent. of the annual value: (b) where the annual value of lands and buildings exceeds nine hundred and ninety nine rupees, the property tax shall be determined in accordance with the following formula:— [annual value/1000 + 20] per cent. of the annual value: Provided that the property tax shall not exceed 30 per cent. of the annual value of lands and buildings: Provided further that the formula, specified in this sub-section, shall come into effect at the time of fresh or next valuation of lands and buildings taken up in any Corporation area after commencement of this Act: Provided also that while calculating the percentage of property tax, the decimal figure below 0.5 shall be ignored and the decimal figure of or above 0.5 shall be rounded off to 1. (3) The provisions of this section shall be made applicable for the Corporations at the time of general valuation or revaluation of holdings under section 123 of the Act.