(1)If the Chief Officer of a Municipality, having regard to the returns furnished under section 127 is of the opinion that a revision in the annual valuation of any land or building is necessary in the following cases, namely: -(a)When its ownership changes; or(b)When any tenancy or any rent changes; or(c)When the nature of its use changes; or(d)When a new building is erected or an existing building is redeveloped or substantially altered or improved during the period, the annual valuation remains in force; or(e)When, on an application made in writing by the owner or the person liable to pay tax on land and building, it is established that during period of the annual valuation remaining in force, its value has been reduced by reason of any substantial demolition or it has suffered depreciation from any accident or any calamity proved to the satisfaction of the Municipal Property Tax Committee to have been beyond the control of such owner or such person; or(f)When any land or building or portion thereof is acquired by purchase or otherwise by the Government or the Municipality during the period of the annual valuation remaining in force; or(g)When any land or building, or portion thereof, is sold or otherwise transferred by the Government or the Municipality:Provided that all lands used for streets and other public purposes shall be excluded from such revaluation; or(h)When upon the acquisition or transfer of any land or building in part, residual portion remains,he shall serve written notice, in such manner as may be prescribed, stating reasons for the proposed revision, on the owner or the lessee, sub-lessee or occupier of such land or building and notice shall specify the time, not being less than thirty days from the date of service of the notice within which objections, if any, to the valuation, in duplicate, may be filed.(2)The Chief Officer shall place the proposed revision and the objections so received before the Municipal Property Tax Committee.(3)The provisions of sub-section (5), sub-section (6), sub-section (7), and sub-section (8) of section 131 shall, thereafter mutatis mutandis, apply.(4)Any revision in the annual valuation of any land or building or portion thereof under this section, shall come into force from the beginning of the year following that in which such revision becomes applicable and shall remain in force for the un-expired portion of the period during which, but for such revision such annual valuation would have remained in force.(5)Notwithstanding anything contained in sub-section (1) of section 134 or sub-section (1) or sub-section (4) of this section, any land or building, -(i)Which for any reason has no annual value, assigned to it under this Act, may be valued at any time during the currency of the period specified in respect of such land or building under section 133; and(ii)The valuation of which has been cancelled on the ground of irregularity, may be valued at any time after such cancellation, and such valuation shall remain in force until a fresh valuation or revision is made and shall take effect from the beginning of the year from which the previous valuation, which has been cancelled would have taken effect:Provided that the valuation made under clause (i) or clause (ii) shall remain in force for the un-expired portion of the period specified under this Chapter.
