Simply stated, 10.92 is the common factor for calculating annual value for all buildings. To arrive at Annual value of any building, multiply monthly rental value with 10.92.
Method of fixing Annual Value for Land :( taken on lease or rent)
Monthly rental value ( as per agreement between lessor and leesee) x 12 = Annual Value
No depreciation is allowed for land
For Vacant Land:
The Council in its Resolution No.405/2009, dated 29.10.2009 has resolved to levy property tax for the vacant land at the following rates: