Property Tax Act Section 2(7) details

Under the Property Tax Act, Section 2(7) allows the Chief Assessor the option to adopt the actual rent of a property as its Annual Value (AV). This section states that the annual value of a house, building, land, or tenement can be determined as the annual equivalent of the gross rent at which the property is let or licensed to the occupier. In arriving at this annual equivalent, the Chief Assessor may also consider any capital or periodical sums or other considerations paid.

However, it is important to note that the primary definition of Annual Value under Section 2(1) of the Act is the gross amount at which the property can reasonably be expected to be let from year to year, based on general market levels of rent, regardless of its actual occupational status. Section 2(7) seems to provide an alternative method, but its application is less common and typically considered in specific contexts where the actual rent is relevant.