Assessment of Annual value

Assessment of Annual value 1. For the purposes of section 34 the annual value of the premises shall be deemed to be the 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 a ten percent of that portion of such annual rent which is attributable to the buildings alone apart from their sites and the adjacent lands occupied as an appurtenance thereto, and the said deduction shall be in lieu of all allowances for repairs or on any other account whatsoever: Provided that a. in the case of

1. (i) any Government building, or
2. (ii) any building of a class not ordinarily let the gross annual rent of which cannot in the opinion of the Board be estimated, the annual value of the premises shall be deemed to be six percent of the total of the estimated value of the premises after deducting for depreciation a reasonable amount which shall in no case be less than ten percent of the total of the estimated value of the premises. b. machinery and furniture shall be excluded from the valuation under this section.

1. (2) . The annual value of the premises for the purposes of levy of taxes mentioned in section 34 shall be assessed by such authority as may be prescribed. The Government shall have power to make rules regarding the manner in which, the person or persons, by whom and the intervals at which the total of the estimated value of the premises and the amount to be deducted for depreciation shall be estimated or revised in any case or class of cases to which clause
   • (a) of the proviso to sub-section
2. (1) applies.
3. (3) . Till such time as the annual valuation of land and buildings is determined under this Act, the annual value of land and buildings for the purposes of this Act, shall be the annual value as assessed by a Municipal Corporation, Municipality, Panchayat or other like authority.
4. (4) . Where water tax or drainage tax is comprised in the property tax or house tax levied and collected by the existing authority such existing authority shall reduce the property tax or house tax by an amount equal to the amount attributable to water tax and drainage tax.