Section 173: Property taxes leviable

(1) For the purposes of sub-section (1) of section 172 property taxes shall comprise the following taxes which shall, subject to the exceptions, limitations and conditions hereinafter provided, be levied on buildings and lands in the City —\br @s (a) a general tax which may be levied, if the Corporation so determines, on a graduated scale;\br @s 5 (b) a water tax leviable in areas where water is supplied by the Corporation ; \br @s (c) drainage tax leviable in areas provided with sewer system by the 3Corporation ;\br @s (d) a conservancy tax in areas in which the 3Corporation undertakes the collection, removal and disposal of excrementitiously and polluted matter from privies, urinals and cesspools.\br @s (2) Save as otherwise expressly provided in this Act or rules made thereunder, these taxes shall be levied on the annual value of buildings or land as the case may be:\br @s 1 Provided that the aggregate of the property taxes shall in no case be less than 22 percent and not more than 32 percent of the annual value of the building or land or both assessed to such taxes, so however, that the general tax shall not be less than 10 percent and not more than 15 percent, the water tax shall not be less than 7.5 percent and not more than 12.5 percent, the drainage tax shall not be less than 2.5 percent and not more than 5 percent and the conservancy tax shall not be more than 2 percent of the annual value.\br @s