(1)every village panchayat shall in accordance with the rules prescribed for the purpose levy a property tax on all buildings and land appurtenant thereto situated within the panchayat area and not exempted under this Act at such percentage as may be determined by the village panchayat on the net annual value determined on the basis of the plinth area and considering the site of the building, its use, type of construction and other determined factors:[Provided that in the case of buildings given on rent, tax shall be levied by adding twenty-five percentage also for the net annual value calculated according to plinth area]
