Section 133(2) in The Maharashtra Municipal Corporations Act, 1949
(2)The rateable value of the buildings and lands in the City vesting in the [Government] and beneficially occupied, in respect of which, but for the said exemption, general tax would be leviable from the [State] Government shall be fixed by a person from time to time appointed in this behalf by the [State] Government with the concurrence of the Corporation. The said value shall be fixed by the said person, with a general regard to the provisions contained in this Act and the rules concerning the valuation of property assessable to property taxes, at such amount as he shall deem to be fair and reasonable. The decision of the person so appointed shall hold good for a term of five years, subject only to proportionate variation, if in the meantime the number or extent of the buildings and lands [in the City vesting in the State Government] materially increases or decreases.[(2A) Where the Corporation has adopted the levy of property tax on capital value of buildings and lands, the capital value of buildings and lands in the City vesting in Government and beneficially occupied, in respect of which but for the said exemption, general tax would be leviable from the State Government, shall be the book value of such buildings or lands in Government records and such capital value shall hold good for a term of five years, subject only to proportionate variation, if in the meantime the number or extent of the buildings and lands vesting in Government in the City materially increases or decreases.]
