Section 385H(29) in West Bengal Municipal Act, 1993
(29)Property tax on the annual value of vacant lands or lands comprising building or covered space of a building or portion thereof in an industrial township shall be determined as follows :-(a)where the annual value of land and buildings does not exceed nine hundred and ninety-nine rupees, the property tax shall be determined in accordance with the following formula:- [annual value/100 + 5] per cent of the annual value;(b)where the annual value of lands and buildings exceeds nine hundred and ninety-nine rupees, the tax shall be determined in accordance with the following formula-[annual value/1000 + 10] per cent of the annual value: Provided that the property tax shall not exceed 30 per cent of the annual value of lands and buildings:Provided further that the formula, specified in this sub-section, shall come into effect at the time of fresh or next valuation of lands and buildings taken up in any Industrial Township Authority after commencement of the West Bengal Municipal (Fourth Amendment) Act, 2015:Provided also that while calculating the percentage of property tax, the decimal figure below 0.5 shall be ignored and the decimal figure of 0.5 or above shall be rounded off to 4.
