Period of validity of assessment.

(1) The annual value of any land or building determined under this chapter - (a) shall have effect from the date of commencement of the quarter of a year ending on 30th June or 30th September or 31st December or 31st March, as the case may be, following that in which a public notice under clause (b) of section 121 has been given, and (b) shall, subject to the other provisions of this chapter, remain in force in respect of each ward of the Municipality for a period of five years. (2) Where the annual value of any land or building in any ward has not, for reasons which are on record in writing, been revised on the expiration of five years, the annual value of such land or buiiding in force immediately before such expiration shall continue to remain in force until it is revised.