Fixation of standard rates of assessment

(1) The Average annual letting value of lands in each block shall be determined in the prescribed manner. (2) The standard rates of assessment for lands held for purposes mentioned in clause (b) or clause (c) of sub-section (1) of section 40 shall be equal to one third of the average annual letting value of the block determined under sub-section (1) and for purpose mentioned in clause (d) of sub-section (1) of section 40 shall be one-half of the said value. (3) The standard rates of assessment for lands held for agricultural purposes shall be fixed in the prescribed manner with due regard to soil and position of land to the profits of agricultural, to the consideration paid for losses and to the sale prices of such lands.