Section 114(3) in The Maharashtra Municipal Councils, Nagar Panchayats And Industrial Townships Act, 1965
(3)[ (a) In order to fix the capital value of any building or land assessable to a property tax. The Chief Officer shall have regard to the value of any building or land as indicated in the Stamp Duty Ready Reckoner for the time being in force as prepared under the Bombay Stamp (Determination of True Market Value of Property) Rules, 1995, framed under the provisions of the Bombay Stamp Act, 1958, [as a base value] [Sub-section (3) was added by Maharashtra 10 of 2010, Section 87(2), (w.e.f. 1-6-2010).] or where the Stamp Duty Ready Reckoner does not indicate value of any property in any particular area wherein a building or land in respect of which capital value is required to be determined is situate, or in case such Stamp Duty Ready Reckoner does not exist, then the Chief Officer may fix the capital value of any building or land 'Raking into consideration the market value of such building or land, as a base value. The Chief Officer, while fixing the capital value as aforesaid, shall also have regard to the following factors, namely :-(i)the nature and type of the land and structure of the building,(ii)area of land or carpet area of building,(iii)user category, that is to say, (a) residential, (b) commercial (shops or the like), (c) offices, (d) hotels (upto 4 stars), (e) hotels (more than 4 stars), (f) banks, (g) industries and factories, (h) school and college building or building used for educational purposes, (i) malls and (j) any other building or land not covered by any of the above categories,(iv)age of the building, or(v)such other factors as may be specified by Regulations made under clause (b);(b)The Chief Officer shall, with the approval of the Standing Committee, frame such Regulations as respects the details of categories of building or land and the weightage by multiplication to be [assigned to various such factors and categories] [These words were substituted for the words 'assigned to various such categories' by Maharashtra 27 of 2010, Section 17(2), (w.e.f. 26-8-2010).]for the purpose of fixing the capital value under clause (a).(c)The capital value of any building or land fixed under clause (a) shall be revised every five years:Provided that, the Chief Officer may, for reasons to be recorded in writing, revise the capital value of any building or land any time during the said period of five years and shall accordingly amend the assessment list in relation to such building or land under section 123, or as the case may be, under section 124.]
