Clause 2
Amendment of section 2
of Property Tax (Amendment) Bill
BillNot in forceProvision 2 of 2
Clause 2
Section 2 of the Property Tax Ordinance, 1960, is hereby amended by inserting immediately after paragraph (d) of the proviso to the definition of “annual value” appearing therein the following new paragraph: —“(e)in assessing the annual value of any property which comprises a lot the title to which is issued under the Land Titles (Strata) Act, 1967 (Act 41 of 1967) —
(i)
the subsidiary proprietor of such lot shall be deemed to be the owner thereof;
(ii)
the annual value of such lot shall be determined as if that lot comprised a freehold estate in land; and
(iii)
no separate annual value shall be attributed to the land upon which the subdivided building stands;”.