Method of Assessment of property tax

(1) The taxable capital value of the building shall be assessed

1[together with the land occupied by it] . The taxable capital value of such land shall be assessed having regard to the

2[market value guidelines of properties published] under section 45B of the Karnataka Stamp Act, 1957.

3[subject to such rules as may be prescribed]

The taxable capital value of the building shall be

4[equivalent of

5[twenty five percent of the prevailing market value guidelines]

] of properties published under section 45B of the Karnataka Stamp Act, 1957 minus depreciation at the time of assessment, determined as far as may be notified by the Government from time to time]

¹ Substituted by Act 32 of 2003 w.e.f. 19.11.2001.

² Substituted by Act 32 of 2003 w.e.f. 16.6.2003.

³ Inserted by Act 5 of 2005 w.e.f. 1.4.2005.

⁴ Substituted by Act 5 of 2005 w.e.f. 1.4.2005.

⁵ Substituted for the words “fifty percent of the market value guidelines”, by Act 04 of

2021 w.e.f 19.01.2021.

1. (2) The taxable capital value of the vacant land shall be 2[equivalent of 3[twenty five percent of] the prevailing 1[market value guidelines] of properties published] of the land notified by the Government under section 45B of the Karnataka Stamp Act, 1957. of 2021 w.e.f 19.01.2021. 2[

¹ Substituted by Act 32 of 2003 w.e.f. 20.8.2003.

² Substituted by Act 5 of 2005 w.e.f. 1.4.2005.

³ Substituted for the words “ fifty percent of the market value guidelines”, by Act 04