59B. [ Procedure for assessment of the market value of the property by the Registering Officer. [Substituted by Notification dated 30-3-2000.]
(1)In the case of an instrument relating to immovable property, the market value of land shall be assessed by the Registering Officer on the basis of the rates recommended by the District Level Committee constituted under rule 2(j) from time to time or the rates approved by the Inspector General of Stamps from time to time, whichever is higher and market value of the constructed portion shall be assessed on the basis of the rates determined by the State Government from time to time.(2)If the rates of land recommended by the District Level Committee are not revised within one year from the date of such recommendation or if the market value of land in any area has extra ordinarily increased on decreased, the State Government may suo-motu or on a reference made by the Inspector General of Stamps re-determine by order the rates of the land in such areas on the basis of the recommendations made by a committee consisting of SSF (Revenue) as chairman and Inspector General of Stamps, D.S.F. (Tax), Collector of concerned District and a Public Representative of that District nominated by the Government as member. The rated so determined shall be the market value of that area and be the basis of assessment of the market value of the land with effect from the date specified in such order and be valid until the District Level Committee revises the rates so determined.]
