101. [ Description and class of property tax. [Substituted by Act 28 of 2001 w.e.f. 19-11-2001.]
(1)Unless exempted under this Act or any other law, property tax shall be levied every year on all buildings [or vacant land or both] situated within the municipal area.(2)The property tax shall be levied in case of, -(a)commercial building at such percentage not being less than 0.5 percent (rupees five per thousand) [not more than three percent] [Substituted by Act 19 of 2012 w.e.f. 28.4.2012.] of taxable capital value of the building.[***] [Omitted by Act 19 of 2012 w.e.f. 28.4.2012.](b)residential building and buildings other than commercial at such percentage not being less than 0.3 percent (rupees three per thousand) and not more than [one per cent (rupees ten per thousand)] [Substituted by Act 5 of 2005 w.e.f. 1.4.2005.] of taxable capital value of the building.[***] [Omitted by Act 19 of 2012 w.e.f. 28.4.2012.](c)vacant land measuring not above one thousand square meters, at not less than 0.1 per cent (rupees one per thousand) [not more than 0.5 percent (rupees five per thousand)] [Substituted by Act 19 of 2012 w.e.f. 28.4.2012.] of taxable capital value of land.(d)vacant land measuring above one thousand square meters but not above four thousand square meters, at not less than 0.025 per cent (rupees twenty five per lakh) [and not more than 0.1 percent (rupees hundred per lakh)] [Substituted by Act 19 of 2012 w.e.f. 28.4.2012.] of taxable capital value of land.(e)vacant land measuring above four thousand square meters, at not less than 0.01 per cent (rupees ten per lakh) [not more than 0.1.percent (rupees one hundred per lakh)] [Substituted by Act 19 of 2012 w.e.f. 28.4.2012.] of taxable capital value of land.][(2-A)***] [Omitted by Act 19 of 2012 w.e.f. 28.4.2012.](3)Subject to the minimum and the maximum rates specified in subsection (2), the Municipal Council shall, fix the property tax at such percentage of the taxable capital value of the buildings [vacant land or both] [Substituted by Act 31 of 2003 w.e.f. 19-11-2001.] having regard to the location, type of construction of the building, nature of use to which the [vacant land] [Substituted by Act 31 of 2003 w.e.f. 19-11-2001.] or building is put, area of the [vacant land] [Substituted by Act 31 of 2003 w.e.f. 19-11-2001.], plinth area of the building, age of the building and such other criteria as may be prescribed:Provided that the percentage so fixed may be different in different areas and for different classes of buildings and lands.[Provided further that the land appurtenant to a building shall be exempted from levy of Property Tax.] [Substituted by Act 5 of 2005 w.e.f. 1.4.2005.][Explanation. [Omitted by Act 31 of 2003 w.e.f. 16-6-2003.] - ***]
