Section 7A in The Maharashtra Municipal Corporations Act, 1949
7A. Capital Value how to be determined. - (1) In order to fix the capital value of any building or land assessable to a property tax, the Commissioner shall have regard to the value of any building or land as indicated in the Stamp Duty Ready Reckoner for the time being in force as prepared under the Bombay Stamp (Determination of True Market Value of Property) Rules, 1995, framed under the provisions of the Bombay Stamp Act, 1958, [as a base value] or where the Stamp Duty Ready Reckoner does not indicate value of any properties in any particular area wherein a building or land in respect of which capital value is required to be determined is situate, or in case such Stamp Duty Ready Reckoner does not exist, then the Commissioner may fix the capital value of any building or land, [taking into consideration the market value of such building or land, as a base value. The Commissioner, while fixing the capital value as aforesaid, shall also have regard to the following factors, namely :-]
(a)the nature and type of the land and structure of the building;(b)area of land or carpet area of building;(c)user category, that is to say, (i) residential, (ii) commercial (shops or the like), (iii) offices, (iv) hotels (upto 4 stars), (v) hotels (more than 4 stars), (vi) banks, (vii) industries and factories, (viii) school and college building or building used for educational purposes, (ix) malls, and (x) any other building or land not covered by any of the above categories;(d)age of the building; or(e)such other factors as may be specified by Regulations made under sub-rule (2).(2)The Commissioner shall, with the approval of the Standing Committee, frame such Regulations as respects the details of categories of building or land and the weightage by multiplication to be [assigned to various such factors and categories] for the purpose of fixing the capital value under sub-rule (1).(3)The capital value of any building or land fixed under sub-rule (1) shall be revised every five years:Provided that, the Commissioner may, for reasons to be recorded in writing, revise the capital value of any building or land any time during the said period of five years and shall accordingly amend the assessment book in relation to such building or land under rule 20.(4)The provisions of sub-rules (2), (3) and (4) of rule 7 shall mutatis mutandis apply for fixing the capital value also.]
