Determination of annual value.

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....receivable by the owner, if the property or any part of it is let. (2) In case the property or any part of it is let in normal course and was vacant for the whole or any part of the tax year, the annual value of such property shall be computed as per sub-section (1)(b). (3) The annual value of the property shall be reduced by the taxes (including service taxes) levied by a local authority in res....