In section 101 of the principal Act,-
(1) in sub-section (1), for the words "or lands or both", the words "or vacant land or both" shall be substituted;
(2) for sub-section (2), the following shall be substituted, namely:- 596 "(2) The property tax shall be levied in case of,-
(a) commercial building at such percentage not being less than 0.5 percent (rupees five per thousand) and not more than one and half per cent of taxable capital value of the building.
(b) residential building and buildings other than commercial 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 measuring not above one thousand square meters, at not less than 0.1 per cent (rupee one per thousand) and not more than 0.2 per cent (rupees two per thousand) of taxable capital value of land.
(d) vacant land 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 (rupees fifty per lakh) of taxable capital value of land.
(e) vacant land measuring above four thousand square meters at not less than 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 land 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:- 597 "Provided further that vacant land to a maximum of 50 Square meters around the residential buildings constructed on sites measuring upto 225 Square meters may not be subject to property tax."