126. [ Annual letting value of land or building. [Substituted by M.P. Act No. 18 of 1997.]
(1)Notwithstanding anything contained in this Act or any other law for the time being in force, the annual letting value of any building or land, whether revenue paying or not, shall be determined as per the resolution of the Council adopted in this behalf, [on the basis of per square meter of the [built up area] of a building or land, as the case may be] taking into consideration the area, in which the building or land is situate, its location, situation, purpose for which it is used, its capacity for profitable use, quality of construction of the building and other relevant factors and subject to the rules, as may be made by the State Government in this behalf.[(1-a) The Chief Municipal Officer shall prepare the draft resolution under sub-section (1) for the next financial year and submit before the Council before 31st December of each financial year. In case the Council fails to adopt the resolution as required by sub-section (1) by 31st March of each financial year, then the draft resolution prepared by the Chief Municipal Officer shall be presented to the President and the resolution as approved by the President shall be deemed to be the resolution finally adopted by the Council : [Inserted by M.P. Act No. 29 of 2003.]Provided that if the President docs not approve the draft resolution prepared by the Chief Municipal Officer by 30th April of the current financial year, then the draft resolution as prepared by the Chief Municipal Officer shall be deemed to be the resolution finally adopted by the Council.](2)On the basis of the resolution adopted by the Council under sub-section (I), every owner of land or building shall assess the annual letting value of his land or building and deposit the amount of property tax alongwith a return in this behalf, in the prescribed form, on or before the date fixed by the Council, failing which a surcharge at the rate, as may be determined by the Council, shall be charged.(3)The variation up to ten percent on either side in the assessment made under sub-section (2) shall be ignored. In cases where the variation is more than ten percent, the owner of land or building, as the case ma be, shall be liable to pay penalty equal to five times the difference of self assessment made by him and the assessment made by the Council.(4)An appeal shall lie to the President-in-Council against the orders passed under sub-section (3).]
