- There shall, subject to the provisions of section 23, be levied and paid to the [State] [The word 'State' was substituted for the word 'Provincial' by the Adaptation of Laws Order, 1950.] Government a tax on buildings and lands, hereinafter called the "Urban Immovable Property Tax" at [such rate not exceeding seven per cent of the annual letting value of the buildings or lands in such area or areas as may be notified by the [State] [These words were substituted for the figure and words '7 per cent of the annual letting value of such buildings or lands' by the Adaptation of Laws Order, 1950.] Government in the Official Gazette]:Provided that-(1)[ such tax shall be levied and paid to the State Government at such rate not exceeding three and half percent. Of the annual letting value of the buildings or lands not exceeding such amount and in such area or areas as may be specified by the State Government by notification in the Official Gazette] [Clause (1) was substituted for the original by Bombay 37 of 1953, section 9.];(2)[ that if any building consists of more than one tenement and such tenements are separately assessed to the property tax, the urban immovable property tax shall be assessed on the annual letting value of the building as a whole; [The brackets and figures '(2)' and '(3)' were substituted for the words 'Provided further that' and 'Provided also that' by Bombay 8 of 1947, section 4.](3)[] where more than one building or land in the same locality is [owned by the same person] [These words were substituted for the words 'used for the purpose of one and the same business' by Bombay 23 of 1948, section 13.], the urban immovable property tax shall be assessed on the annual letting value of all such buildings or lands];(4)[ if any building owned by a Co-operative Housing Society or the members thereof consists of more than one tenement, the urban immovable property tax shall be assessed on the annual letting value of the tenement or tenements owned by, or occupied by each member separately as if it were a building whether such tenement or tenements are separately assessed to the property tax or not.] [This portion was added by Bombay 9 of 1950, section 5.]
