Payments to be made to Corporation in lieu of general tax by State Government.

(1) The 4[State] Government shall pay to the Corporation 5[annually by the 31st day of March in every year] in lieu of the general tax from which buildings and lands vesting in the 6[State Government] are exempted by clause (c) of sub-section (1) of section 132, a sum ascertained in the manner provided in sub-sections (2) and (3). (2) The rateable value of the buildings and lands in the City vesting in the 3[Government] and beneficially occupied, in respect of which, but for the said exemption, general tax would be leviable from the 4[State] Government shall be fixed a person from time to time appointed in this behalf by the 4[State] Government with the concurrence of the Corporation. The said value shall be fixed by the said person, with a general regard to the provisions contained in this Act and the rules concerning the valuation of property assessable to property taxes, at such amount as he shall deem to be fair and reasonable. The decision of the (3) The sum to be paid annually to the Corporation by the 2[State] Government shall be eight-tenths of the amount which would be payable by an ordinary owner of buildings or lands in the City, on account of the general tax, on a rateable value of the same amount as that fixed under sub-section (2). Special provisions relating to water and conservancy taxes