AMC Act 92Chapter V · Chapter IX

Section 92 · [Property tax] [Words substituted by W.B. Act 17 of 1995.] on lands and buildings

(1)

For the purpose of this Act, a [property tax] [Words substituted by W.B. Act 17 of 1995.] on the annual value of lands and buildings [compromised in a holding, as] [Words Inserted by W.B. Act 17 of 1995.] determined under this Chapter, shall be imposed by the Corporation.

(2)

[] [Sub-section (2) substituted by W.B. Act 17 of 1995.] Such property tax shall be determined as follows :-

(a)

where the annual value of lands and buildings does not exceed nine hundred and ninety-nine rupees, the property tax shall be determined in accordance with the following formula :-

(annual value/100 + 10) per cent of the annual value, or

(b)

where the annual value of lands and buildings exceeds nine hundred and ninety-nine rupees, the property tax shall be determined in accordance with the following formula :-

(annual value/100 + 22) per cent of the annual value:Provided that the property tax shall not exceed 40 per cent of the annual value of lands and buildings:Provided further that while calculating the percentage of property tax, the decimal figure below 0.5 shall be ignored and the decimal figure of 0.5 or above shall be rounded off to 1:Provided also that the State Government may, from time to time, by notification, revise the formula referred to in clause (a) and clause (6) of this sub-section and upon such revision, this Act shall be deemed to have been amended accordingly :Provided also that no such revision shall be made more than once in five years.

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