Amendment of section 75

In section 75 of the Principal Act, (i) for sub-section (1)(a), the following shall be substituted, namely: “(a) a property tax on land and buildings situated within the municipality assessed on their annual value, payable by the owner of the building or land or both as determined by the Property Tax Board”; (ii) for sub-section (1)(i), the following shall be substituted, namely - “(i) a betterment tax on the increase of properties and land values caused by the execution of development/improvement works in the surrounding areas”; (iii) after sub-section (5), the following sub-section shall be added, namely - “(6) On receipt of the reply from the municipality or on failure of the municipality to make a reply within the stipulated date and the state government, on being satisfied that the imposition of the tax or modification of the rate of any existing tax is in the interest of the municipality, may by suitable order notified in the official Gazette, impose or modify the tax. The order so passed shall operate as if it were a resolution passed by the municipality”