“(2) The annual value of any vacant land and building in any ward and local council of the municipality shall be the sum of the amount arrived at by multiplying the value per unit area of such vacant land and multiplicative factors and the amount arrived at by multiplying the value per unit area of the covered space of such building by the total area of such covered space and multiplicative factors, if any, and shall be determined accordingly by an order of the Board of Councillors, and a copy of the order shall be supplied within ten days thereof to the owner or the occupier of the land or the building, as the case may be, in such Form, and in such manner, as may be prescribed under the Rules framed under this Act.Provided that -
(i) every land, which is not built upon, comprised in a holding shall be assessed separately; and
(ii) machinery and furniture shall be excluded from valuations under this section”.
Explanation I – In the case of a building with appurtenant land, the area of the land under the plinth area of the building shall be excluded from the total area of the land, the balance being treated as vacant land, which shall be assessed as such.
Explanation II – The covered space of any building shall mean the total floor area of the building in all the storeys.
Explanation III – For the purposes of this section, “machinery” shall include lift, air-conditioning equipment, and equipment for providing earthquake proofing.
Explanation IV – The annual value of any land or building, as determined under this section, shall be a multiple of ten rupees, any fraction below five being ignored and any fraction of five or above being rounded off to the next ten rupees.”