In section 108 of the principal Act,-
(1) in sub-section (1), for the words "buildings or lands or both" the words "buildings or vacant lands or both" shall be substituted;
(2) for sub-section (2), the following shall be substituted, namely:- "(2) The property tax shall be levied in case of,-
(a) commercial building at such percentage not being less than 0.5 per cent (rupees five per thousand) and not more than one and half percent of taxable capital value of the building;
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(b) residential building and buildings other than commercial building, at such percentage not being less than 0.3 per cent (rupees three per thousand) and not more than 0.6 per cent (rupees six per thousand) of taxable capital value of the building;
(c) vacant land
(i) measuring not above one thousand Square meters, at not less than 0.1 per cent (rupees one hundred per lakh) and not more than 0.2 per cent (rupees two hundred per lakh) of taxable capital value of land,
(ii) measuring above one thousand square meters but not above four thousand square meters, at not less than 0.025 per cent (rupees twenty five per lakh) and not more than 0.05 per cent (rupees fifty per lakh) of taxable capital value of land,
(iii) measuring above four thousand square meters, at not less that 0.01 per cent (rupees ten per lakh) and not more than 0.02 per cent (rupees twenty per lakh) of taxable capital value of land
(3) in sub-section (3),-
(i) for the words "lands or both" the words "vacant lands or both" shall be substituted;
(ii) for the word "land" wherever it occurs the words "vacant land" shall be substituted;
(iii) explanation shall be omitted.
(iv) after the proviso, the following proviso shall be inserted, namely:- "Provided further that vacant land to a maximum of 50 Square meters around the residential buildings constructed on 606 sites measuring upto 225 Square meters may not be subject to property tax".