68. [ Preparation of new assessment list. [Section fully Substituted by Amending Act No. 11 of 1994.]
(1)Where the assessment of land or building has been made on the basis of the annual value as specified in clause (i) of section 3, the assessment list will be valid for a period of five years and after the expiry of the period of five years, the annual value may be determined at the option of the owner either in accordance with the method specified in sub- clause (b) of clause (i) of section 3 or by increasing it by ten per cent of the annual value already fixed.(2)In the case of land or building which is occupied by the tenant, the annual value may be revised when revision in the rent is made :Provided that where no revision in rent is made and a period of five years has elapsed since the date of the previous assessment, the annual value may be enhanced for reasons to be recorded in writing and after hearing the landlord.]
