Section 16(1) in Tamil Nadu Village Panchayats (Assessment and Collection of Taxes) Rules, 1999
(1)For purposes of assessment of house-tax, the capital value of a house shall be deemed to be the total of the estimated value of the land determined in accordance with the procedure laid down in the rules prescribed for such purpose and the present estimated cost of erecting the house after deducting for depreciation a reasonable amount which shall, in no case, be less than ten per cent of such cost.
