Section 154(1A) in The Mumbai Municipal Corporation Act, 1888
(1A)[ 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 base value] [Sub-section (1A), (1B) and (1C) were inserted by Maharashtra 11 of 2009, Section 15(2), dated 13-4-2009 (w.e.f. 1-4-2010).] or where the Stamp Duty Ready Reckoner does not indicate value of any properties in any particular area wherein a building or and 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 :-] [These words were substituted for the words 'taking into consideration the market value of such building or land, as a base value; and also have regard to the following factors, namely :- 'by Maharashtra 27 of 2010, Section 5(1)(b), (w.e.f. 26-8-2010).](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 and (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 rules made under sub-section (1B).
