(1)The tax on lands and buildings shall be levied on the annual value thereof as determined under this Chapter.Provided that with previous sanction of the State Government the rate of tax on lands and buildings may also be levied on an assessment other than the annual value with due regard to the location of the lands and buildings, floorage and other relevant factors.(2)The rate of tax on lands and buildings shall be determined by Government, by notification, and for different municipalities different rates may be determined for different categories of lands or buildings:Provided that the rate of tax shall not exceed fifteen per cent of the annual value of such lands or buildings:(3)In calculating the gross amount of the tax that may be levied on lands and buildings per annum, and the net amount payable per annum after allowing rebate under sub-section (2) of section 183, the fraction of a rupee shall be rounded off to the nearest rupee, fifty paise being treated as rupee one.(4)Where a portion of any land or building, is used for commercial, industrial or such other non-residential purposes, as the municipality may determine, or where a tax is levied on commercial establishments in a multi-storied building, the amount of tax in respect of such portion shall, while fixing the amount for tax for the entire lands or building, be separately assessed.
