(3)The standard rate of assessment for lands held for purposes mentioned in clause (b) or (c) of sub-section (1) of Section 59 shall be equal to one-third of the average annual letting value determined or the block in respect of such land under sub-section (2) and for purposes mentioned in clause (b) of sub-section (1) of Section 59 shall be one-half of the average annual letting value determined for the block in respect of such land.] [Substituted by M.P. Act No. 15 of 1975 (w.e.f. 2-10-1959).]
