Section 124 · Preparation of new assessment list and periodical revision of rateable values

(1) It shall not be necessary to prepare a new assessment list every year, subject to the provisions of sub-section (2), the Chief Officer may adopt the preceding years assessment list for the new year, with such alterations as he thinks fit to make: (i) a notice under sub-section (1) of section 119 shall be given in all cases in which any property is for the first time assessed or 2[the assessment is increased, otherwise than by way of increase in the rate at which any tax is leviable;] (ii) a notice under sub-section (2) of section 121 shall be published about the adoption of the list. (2) The revision of the rateable values of all properties in the municipal area shall, as far as possible, be done once in four years, and once done shall remain in force until they are revised under this sub-section. Subject to the rules, if any, made in this behalf, the Chief Officer may undertake the work of revision of rateable values for the whole municipal area at one time, or may divide the municipal area into suitable divisions and may undertake the work of revision for each division at such time as he deems fit, but the revision of the rateable values of all properties in the municipal area shall, as far as possible, be completed in four years:] 3[Provided that, the State Government may, at any time, in the public interest, issue directions to a Council to carry out revision of the rateable values of all properties in the municipal areas and such directions shall be binding on the Council.]