https://www.taxtmi.com/caselaws?id=275929 For municipal property tax, annual value or rateable value is governed by the rent the premises may reasonably be expected to fetch, but that standard is controlled by rent law. Where standard rent has been fixed or is statutorily determined, assessment cannot exceed that ceiling because higher rent is not legally recoverable. Where no standard rent has been fixed, the legally recoverable agreed rent for let premises may be used, unless its genuineness is affected by factors such as fraud or collusion. For premises never let or first assessed, annual value must still be determined on the applicable statutory rent-control basis. en-us Thu, 16 Nov 1972 00:00:00 +0530 Tue, 23 Oct 2018 12:24:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275929 For municipal property tax, annual value or rateable value is governed by the rent the premises may reasonably be expected to fetch, but that standard is controlled by rent law. Where standard rent has been fixed or is statutorily determined, assessment cannot exceed that ceiling because higher rent is not legally recoverable. Where no standard rent has been fixed, the legally recoverable agreed rent for let premises may be used, unless its genuineness is affected by factors such as fraud or collusion. For premises never let or first assessed, annual value must still be determined on the applicable statutory rent-control basis. Case-Laws Indian Laws Thu, 16 Nov 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275929