(2)[ Notwithstanding anything contained in the Kerala Buildings (Lease and Rent Control) Act, 1965 (2 of 1965) or any other Jaw for the time being in force, for the purpose of assessing the property tax, it shall be assessed in the prescribed manner on the basis of the annual value of any buildings and lands adjacent to it, the importance of area where the building is situated, type of the building construction, method of use, plinth area, reasonable annual maintenance cost etc. and the tax shall be determined for the said building and land at the rate fixed by the Council under sub-section(3) of Section 233:Provided that from the property tax assessed in such manner, property tax shall be fixed by allowing the deduction at the rate of ten per cent to buildings above ten years and upto twenty years old, twenty per cent to buildings above twenty years and upto fifty years old and twenty-five percent to buildings above fifty years old,
