Section 122(2) in The Coimbatore City Municipal Corporation Act, 1981
(2)The annual value of lands and buildings shall be deemed to be the gross annual rent at which they may reasonably expected to let from month to month or from year to year less a deduction, in the case of buildings, of ten per cent of that portion of such annual rent which is attributable to the buildings alone, apart from their sites and the adjacent lands occupied as an appurtenance thereto; and the said deduction shall be in lieu of all allowances for repairs or on any other account whatever.Provided that-(a)in the case of-(i)any State Government or railway building; or(ii)any building of a class not ordinarily let the gross annual value, of which cannot, in the opinion of the Commissioner, be estimated, the annual value of the premises shall be deemed to be six per cent of the total of the estimated market Value of the land and the estimated present cost of erecting the building after deducting for depreciation a reasonable amount which shall in no case be less than ten per cent of such costs;(b)in calculating the value of any land or building, the value of any plant or machinery, on such land or in such building shall be excluded, but all fixtures including lifts and electric and other fittings which add to the convenience of the building shall be valued, subject in the case of a lift to such deduction from the valuation as may be prescribed by the council on account of the cost of repairs to maintenance of and attendance on, such lift:Provided further that where the annual value of any land or building is attributable partly the use of such land or building or any portion thereof for the display of any advertisement or advertisements and tax is levied under this Act in respect of such advertisement or advertisements the annual value of such land or building for the purpose of assessing the property tax thereon shall be ascertained as if such land, building or portion is not used for the display of such advertisement or advertisements.
