(1)If the Chief Officer of a Municipality, having regard to the returns furnished under section 127 is of the opinion that a revision in the annual valuation of any land or building is necessary in the following cases, namely: -(a)When its ownership changes; or(b)When any tenancy or any rent changes; or(c)When the nature of its use changes; or(d)When a new building is erected or an existing building is redeveloped or substantially altered or improved during the period, the annual valuation remains in force; or(e)When, on an application made in writing by the owner or the person liable to pay tax on land and building, it is established that during period of the annual valuation remaining in force, its value has been reduced by reason of any substantial demolition or it has suffered depreciation from any accident or any calamity proved to the satisfaction of the Municipal Property Tax Committee to have been beyond the control of such owner or such person; or(f)When any land or building or portion thereof is acquired by purchase or otherwise by the Government or the Municipality during the period of the annual valuation remaining in force; or(g)When any land or building, or portion thereof, is sold or otherwise transferred by the Government or the Municipality:Provided that all lands used for streets and other public purposes shall be excluded from such revaluation; or(h)When upon the acquisition or transfer of any land or building in part, residual portion remains,he shall serve written notice, in such manner as may be prescribed, stating reasons for the proposed revision, on the owner or the lessee, sub-lessee or occupier of such land or building and notice shall specify the time, not being less than thirty days from the date of service of the notice within which objections, if any, to the valuation, in duplicate, may be filed.
