Section 141B(4) in The Bombay Provincial Municipal Corporations Act, 1949
(4)The Corporation may, subject to rules, increase or decrease or neither increase nor decrease the rate of tax determined under sub-section (1) read with sub-sections (2) and (3),-(a)in the case of residential buildings, having regard to the following factors, namely:-(i)the market value of the land in the area of the City in which the buildings are situated,(ii)the length of the time of the existence of the buildings.(iii)the type of the buildings, and(iv)whether the buildings are occupied by owners or tenants.(b)in the case of buildings other than residential, having regard to the following factors, namely:-(i)the market value of the land in the area of the City in which the buildings are situated.(ii)the length of the time of the existence of the buildings,(iii)the purpose for which the buildings are used, and(iv)whether the buildings are occupied by owners or tenants.
