Classification of lands and buildings and fixation of annual values.

The Municipality shall, on the recommendation of the Municipal Valuation Committee constituted under section 113, and having regard to - (a) the location of lands and buildings in the municipal area, and (b) the structural characteristics of buildings, declare its intention to classify lands and buildings in each ward of the Municipality into such groups as the Municipality may specify by a public notice, and shall also specify in such public notice the annual value it proposes to fix per unit area of vacant land and per unit area of covered space of buildings within each such group.