Section 86. Description and class of property tax.

1[86. Description and class of property tax. ––(1) Unless exempted under this Act or any other law for the time being in force, property tax shall be levied on all lands and buildings or vacant lands or both situated within the Municipal Corporation. (2) The property tax shall be levied at such percentage, not being more than fifteen per cent. of the taxable annual value of land and building or vacant land or both, as the Government may, by notification, from time to time specify : Provided that the Government may exempt certain classes or categories of persons or lands and buildings, or vacant lands or both from the payment of the property tax. (3) Notwithstanding any exemption granted under sub-section (2), it shall be open to the Corporation to collect service charges for providing civic amenities and for general or specific services rendered at such rates as may be specified by the Corporation by notification.]