Property tax

Property tax.

1. (1) Property tax shall be levied on all premises within the Corporation unless exempted under this Act or any other law.
2. (2) The tax shall be levied at such percentage of the annual rental value of premises as may be fixed by the Corporation.
3. (3) The Corporation may classify the premises into different categories for the purpose of fixing the rate of tax. (4) Provided that the rate of tax shall not exceed thirty-three per cent of the annual rental value of the premises.