(1)After the expiry or the period specified in the public notice referred to in section 127, a draft valuation list of all lands and buildings in the municipal area on the basis of the returns furnished under that section and information, if any, collected by a Municipal, shall be prepared by the Chief Officer of the Municipality:Provided that where a return in respect of any land or building is not furnished under section 127, the Chief Officer shall ascertain the annual value of such land or building.(2)The form of, and the particulars to be mentioned in the draft valuation list and the time within which the draft valuation list shall be prepared, shall be such, as may be prescribed.
