(1)For the purpose of assessment of tax on any lands and buildings, whether residential or non- residential, self-occupied or tenanted, the annual value of such land and building shall be such percentage of the sum obtained by adding the present market value of land and the estimated cost of erecting the building, as the Government may, by notification, determine :Provided that the annual value shall not exceed ten per cent of the sum so obtained :Provided further that for different municipalities different percentage may be determined for different categories of lands and buildings.
