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[Cites 0, Cited by 0] [Section 140] [Entire Act]

State of Uttar Pradesh - Subsection

Section 140(2) in The U.P. Municipalities Act, 1916

(2)Where the Municipality so resolves, the annual value for the purpose of assessment of property taxes shall -
(a)in the case of land and owner-occupied residential building which is not more than ten years old, be deemed to be 25 per cent less and if it is more than ten years but not more than twenty years old, be deemed to be 32.5 percent less, and if it is more than twenty years old, be deemed to be 40 per cent less than the annual value determined under clause (b) of sub-section (1); and
(b)in the case of residential building let on rent, which is not more then ten year old, be deemed to be 25 per cent more and if it is more than ten years but not more than twenty years old, be deemed to be 12.5 per cent more than the annual value determined under clause (b) of sub-section (1), and if it is more than twenty years old, be deemed to be equal to the annual value determined under clause (b) of sub-section (1).
[Inserted by U.P. Act No. 8 of 2011.]
Substituted by U.P. Act No. 8 of 2011. Prior to substitution, it stood as under:140. Definition of annual value.- (1) 'Annual value' means, -(a) in the case of railway stations, hotels, colleges, schools, hospitals, factories, and other such buildings, a proportion not exceeding five per centum, to be fixed by rule made in this behalf of the sum obtained by adding the estimated present cost of erecting the building to the estimated value of the land appurtenant thereto; and(b) in the case of a building or land not falling within the provisions of clause (a), the gross annual rent for which such building, exclusive of furniture or machinery therein, or such land is actually let or where the building or land is not let or in the opinion of the Municipality is let for a sum less than its fair letting value, might reasonably be expected to let from year to year.(2) Provided that where the annual value of any building would by reason of exceptional circumstances, in the opinion of the Municipality be excessive if calculated in the aforesaid manner, the Municipality may fix the annual value of any less amount which appears to it equitable.