This section states that the Corporation has the power to fix a ‘general tax’, which is:
- Between ten and 20 percent of the rateable value of lands and buildings in urban areas, and
- At a lower rate in rural areas than urban areas.
The Corporation has the power to fix a higher rate for properties in which a particular class of trade or business is carried out. This rate may be fixed up to fifty percent of the rateable value of that property.
Furthermore, the Corporation has the power to levy this general tax on property on a graduated scale. If any part of a building is liable to a higher rate of the general tax, that part shall be deemed a separate property for taxation.
The Corporation may be exempt from the general tax lands and buildings of which the rateable value does not exceed one hundred rupees.