(1)After the expiry or the period specified in the public notice referred to in section 127, a draft valuation list of all lands and buildings in the municipal area on the basis of the returns furnished under that section and information, if any, collected by a Municipal, shall be prepared by the Chief Officer of the Municipality:Provided that where a return in respect of any land or building is not furnished under section 127, the Chief Officer shall ascertain the annual value of such land or building.
