The vacant land tax in respect of any premises shall be equal to the rate of vacant land tax as may be specified by the Council under section 61E multiplied by the annual value of the vacant land determined under sub-section (3) of section 64F:
Provided that where there is any construction on the land and the area of plinth of such building is in excess of such percentage of the area of the plot as may be provided in the bye-laws, no vacant land tax shall be levied.