Section 174(2) in Uttar Pradesh Municipal Corporation Act, 1959
(2)[ Where the Corporation so resolves, the annual value for the purpose of assessment of property taxes shall -(a)in the case of land and owner-occupied residential building which is not more than ten years old, be deemed to be 25 per cent less and if it is more than ten years but not more than twenty years old, be deemed to be 32.5 per cent less, and if it is more than twenty years old, be deemed to be 40 per cent less than the annual value determined under clause (b) of subsection (1); and(b)in the case of residential building let on rent, which is not more than ten years old, be deemed to be 25 per cent more, and if it is more than ten years but not more than twenty years old, be deemed to be 12.5 per cent more than the annual value determined under clause (b) of subsection (1), and if it is more than twenty years old, be deemed to be equal to the annual value determined under clause (b) of sub-section (1).]
