Method of assessment of property Tax

Method of assessment of property Tax. (1) The taxable capital value of the building shall be assessed together with the land occupied by it. The taxable capital value of such land shall be assessed having regard to the prevailing market value guidelines of properties published of the land notified by the Government under section 45B of the Karnataka Stamp Act, 1957 subject to such rules as may be prescribed, the taxable capital value of the building shall be equivalent of 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 as may be notified by the Government from time to time. (2) The taxable capital value of the vacant land shall be equivalent of twenty five percent of the prevailing market value guidlenes of properties published of the land notified by the Government under section 45B of the Karnataka Stamp Act, 1957.