State Act

THE UTTAR PRADESH MUNICIPAL CORPORATION ACT, 1959

174- "Annual value" means- [(a) in the case of railway stations, colleges, schools, hostels, factories, commercial buildings and other non-residential buildings, a proportion not below 5 per cent to be fixed by rule made in this behalf of the sum obtained by adding the estimated present cost of erecting the building, less depreciation at a rate to be fixed by rules, to the estimated value of the land appurtenant thereto, and]1 (b) in the case of a building or land not falling within the provisions of clause (a) the gross annual rent for which such building exclusive of furniture or machinery therein, or such land is actually let, or where the building or land is not let or in the opinion of the assessing authority is let for a sum less than its fair letting value, might reasonably be expected to be let from year to year, Provided that where the annual value of any building would, by reason of exceptional circumstances, in the opinion of the [Corporation]2, be excessive if calculated in the aforesaid manner, the [Corporation]2 may fix the annual value at any less amount which appears to it equitable; Provided further that where the [Corporation]2 so resolves, the annual value in the case of owner occupied buildings and land shall for the purposes of assessment of property taxes be deemed to be 25 per cent less than the annual value otherwise determined under this section.