Section 119 in The City of Nagpur Corporation Act, 1948
119. Annual value of land or building how to be ascertained.
- For the purpose of assessing land or buildings to the [property taxes] [These words were substituted for the words 'property tax', by Maharashtra 13 of 1992, Section 17(a).],-(a)the annual value of land shall be deemed to be the gross annual rent at which the land might at the time of assessment reasonably be expected to be let from year to year ;Provided that in the case of land assessed to land revenue or of which the land revenue has been wholly or in part released, compounded for, redeemed or assigned, the annual value shall, if the State Government so directs, be deemed to be double the aggregate of the following amounts, namely :-(i)the amount of the land revenue for the time being assessed on the land, whether such assessment is leviable or not, or(ii)when the land revenue has been wholly or in part compounded for or redeemed, the amount which would have been leviable but for such composition or redemption; and,(b)the annual value of any building shall be deemed to be the gross annual rent at which such building, together with its appurtenances and any furniture that may be let for use or enjoyment therewith, might reasonably at the time of assessment be expected to be let from year to year, less an allowance of ten per cent for the cost of repairs and for all other expenses necessary to maintain the building in a state to command such gross annual rent.Explanation I. - For the purposes of this clause it is immaterial whether the building and the land let for use or enjoyment therewith are let by the same contract or by different contracts, and if by different contracts, whether such contracts are made simultaneously or at different times.Explanation II. - The term "gross annual rent" shall not include any tax payable by the owner in respect of which the owner and tenant have agreed that it shall be paid by the tenant.(c)the annual value of any building, the gross annual rent of which cannot be determined under clause (b), shall be deemed to be [eight and a quarter per cent] [These words were substituted for the words 'five per cent' by Maharashtra 13 of 1992, Section 19(b).] on the sum obtained by adding the estimated present cost of erecting the building, less any amount which the [Commissioner] [These words were substituted for the words 'Chief Executive Officer' by Bombay 79 of 1958, Section 3, Schedule.] may deem it reasonable to deduct for depreciation, to the estimated market value of the land valued with building as part of the same premises and (ii) when a building is occupied by an owner under such exceptional circumstances to render excessive valuation of [eight and a quarter per cent.] [These words were substituted for the words 'five per cent' by Maharashtra 13 of 1992, Section 17(c).] on the cost of erecting the building, less depreciation, a lower percentage may be taken.
