- [(1) The Collector shall keep a record in accordance with the rules made under this Code of all registered sales and leases of lands in the different blocks in urban areas in respect of land held for each of the purposes mentioned in sub-section (1) of Section 59.(2)The average annual letting value of lands in each block in respect of land held for purposes mentioned in sub-section (1) of Section 59 shall be determined separately in the prescribed manner on the basis of transactions of sales and leases in respect of the land held for each of the aforesaid purposes in such block during the period of five years immediately preceding the year in which the letting value is being determined, so far as the information about such transactions is available :Provided that if the transactions which have taken place in any block in respect of any land held for any of the aforesaid purpose are not sufficiently representative transactions in respect of the land held for the corresponding purpose during the same period in adjacent block may be taken as basis for determining the letting value.(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).](4)The standard rates for lands held for agricultural purposes shall be fixed with due regard to soil and position of land and to the profits of agriculture to the consideration paid for leases and to the sale prices of such lands.
