Annual value of Holdings

29.(1) The annual value of a holding shall be deemed to be the gross annual rental at which the holding may reasonable be expected to let. (2) If such gross annual rental cannot be easily estimated or ascertained, the annual value of such holding shall be deemed to be an amount which may be equal to but not exceeding seven and half percentum on the value of the building or buildings on such holding at the time of assessment plus a reasonable ground rent for the land comprised in the holding. (3) The value of any machinery or furniture which may be on a holding shall not be taken into consideration in estimating the annual value of such holding under this section