Method of assessment of property

Method of assessment of property:

1. (1) Every building shall be assessed together with its site and other adjacent premises occupied as an appurtenance thereto unless the owner of the building is a different person from the owner of such suite or premises.
2. (2) The annual value of lands and buildings shall be deemed to be gross annual rent at which they may reasonably be expected to let from month to month or from year to year less a deduction in the case of buildings, of ten percent, of that portion of such annual rent which is attributable to the buildings alone, apart from their sites and adjacent lands occupied as an appurtenance thereto; and the said deduction shall be in lieu of all allowance for repairs or any other account whatever: Provided that-
   • (a) every land, which is not built upon, comprised in a holding shall be assessed separately; and
   • (b) machinery and furniture shall be excluded from valuations under this section.
3. (3) The State Government shall have power to make rules regarding the manner in which, the person or persons by whom and the intervals at which, the value of the land, the present cost of constructing the building and the amount to be deducted for depreciation, shall be estimated or revised, in any case or class of cases to which sub-section (2) applies.