(1) The annual value of any covered space of building in any area shall be the amount arrived at by multiplying the total area of such covered space of building by the final base unit area value of such covered space and the relevant factors as referred to in clause (b) of sub-section (2) of section 64B.
Explanation.—For the purposes of this Act “covered space”, in relation to a building, shall mean the total floor area in all the floor thereof, including the thickness of walls, and shall include the spaces of covered verandah and courtyard, gangway, garage, common service area, stilt parking area, staircase, and balcony including any area projected beyond the plot boundary and such other space, as may be prescribed.
(2) The Council may require the total area of the covered space of building as aforesaid to be certified by an architect registered under the Architects Act, 1972 (20 of 1972), or any licensed architect, subject to such conditions as may be specified by the Council by a resolution in this behalf.
(3) The annual value of any vacant land in any area shall be the amount arrived at by multiplying the total area of such vacant land by the final base unit area value of such land and the relevant factors as referred to in clause (b) of sub-section (2) of section 64B.
(4) If, in the case of any vacant land or covered space of building or any portion thereof is subject to different final base unit area values or is not self-occupied, the annual value of each such portion shall be computed separately, and the sum of such annual values shall be the annual value for such vacant land or covered space of building, as the case may be.