Assessment of annual value

(1) For the purposes of section 33, annual value means five per cent of the market value of the premises: Provided that the annual value in the case of premises occupied by the owner himself shall be deemed to be twenty per cent less than the annual value otherwise determined under this section. (2) The annual value of premises for the purpose of levy of water tax shall be assessed by such officer or authority as the competent authority may, by general or special order, direct. (3) Until an assessment of the annual value of premises in any area is made by an officer or authority referred to in sub-section (2) the annual value of the premises in that area as assessed by the local authority for the purposes of levy of house tax shall be deemed to be the annual value of the premises for the purposes of this Act as well. (4) Any person aggrieved by an order of assessment of the annual value made by an officer or authority under sub-section (2) may, within thirty days from the date of the order, prefer an appeal to such authority as may be prescribed (hereinafter referred to as the prescribed authority) in such manner as may be prescribed. (5) The prescribed authority may stay the enforcement of the order under appeal for such period and on such terms as it may deem fit. (6) The prescribed authority may after giving to the parties an opportunity of being heard, confirm, set aside or modify the order under appeal. (7) The decision of the prescribed authority under sub-section (6) shall be final and binding on the parties.