December 22, 2013

Kerala Panchayat Building Tax(Property tax)Assessment based on Annual rental value

 The net annual rental value of buildings shall be deemed to be the gross annual rent received,or that may be received,when it is let out on rent monthly or annualy less adeduction of ten per cent of such annual rent and the said deduction shall be deemed to be in lieu of the expenses towards maintenance or any other account whatever;provided that in case of,
(i) a Government building;or
(ii) a building,under the category of those that are not ordinarly let out on rent and the gross annual rent of which cannot ,in the opinion of the Standing Committee,be estimated;the annual rental value shall be assessed as six per cent of the total estimated value of the appurtenant land and the estimated present cost of construction of the building less a reasonable amount for depreciation which shall in no case be an amount less than twenty per cent of such cost:
Provided further that where the annual value of any building is attributable partly to the use of such building or any part thereof for the display of any advertisement or advertisements,the value of such building may,for the purpose of assessing tax thereon,be fixed as if the building or part thereof were not used for the display of such advertisement or advertisements.
Explanation:(1) The machineries and household articles shall be exemptedwhile assessing the value under this rule.Explanation:(2) 'Appurtenant Land'means the land ,(including the value of the land)comprised within the plinth area of the building together with the adjacent land not exeeding 25% of hte plinth area of the building,if the owner has other land adjacent thereto.

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