A Municipality, before imposing a tax under Section 103 shall observe the following preliminary procedure namely:
(a) it shall, by resolution passed at a general meeting, select for the purpose one or other of the taxes specified in Section 103, and prepare a draft of the rules prescribing the tax and shall in such rules specify
(i) the classes of persons or of property or of both which the Municipality proposes to make liable, and any exemptions which it proposes to make,
(ii) the amount or rate at which the Municipality proposes to assess each such person or class of persons,
(iii) in the case of a rate on buildings or lands or both, the basis for each class of the valuation on which such rate is to be imposed, and
(iv) all other matters which the State Government may require to be specified therein;
(b) when such resolution has been passed the Municipality shall publish the draft rules so prepared with a notice in the form set forth in the First Schedule;
(c) any inhabitant of the Municipality objecting to the imposition of the said tax or to the amount or rate proposed or to the classes of persons or property to be made liable thereto or to any exemption, proposed may, within one month from the publication of the said notice, send his objection in writing to the Municipality and the Municipality shall take all such objections into consideration, or shall authorize a committee to consider the same and report thereon, and, unless it decides to abandon the proposed tax, shall by special resolution direct the imposition of the tax with effect from a date to be specified in the resolution.