(1) The State Government shall, from time to time, by notification, specify the municipality where the general valuation of lands and buildings shall be made by the Board, in accordance with the provisions of Municipal Acts or any other law for the time being in force in such municipality, as the case may be, in so far as they relate to determination of annual valuation :
Provided that the Board may cause to be made, subject to such conditions as may be prescribed, the general valuation of lands and buildings in the municipality, as aforesaid, under its superintendence, direction and control on payment of such remuneration as it may determine, and every such valuation shall be deemed to have been made by the Board.
(2) The valuation made by the Board shall become operative with effect from such date, as the State Government may, by notification, appoint in this behalf and shall remain in force in respect of such area for a period of five years and be revised thereafter at the termination of successive period of five years : Provided that the valuation of land or building in any municipality shall be made in accordance with the provisions of the Municipal Acts.
(3) Notwithstanding anything contained in sub-sections (1) and (2) if, during the currency of any period referred to in sub-section (2) any new building is erected, or any existing building is reconstructed or substantially altered or improved in any area of municipality, the determination of valuation of such premises shall be subject to the same criteria as has been fixed by the Board for such premises, and its valuation shall be covered by such procedure as may be determined by the Board for its immediate valuation with prior mandatory filing of statement of particulars by the owner or occupier.
(4) The Municipality shall and within such time, as may be prescribed, send to the Board list of all new buildings erected and also all existing buildings reconstructed or substantially altered or improved within its jurisdiction.
(5) The mutation of properties shall be made by the municipality as per provisions of Municipal Acts, or rules made thereunder but the information of mutation with concerned record shall be given to the Board by the mutating officer within seven days of mutation.