(1) There shall be levied and collected with effect on and from 1st April, 1973, for each year a tax on lands and buildings situate in an urban area (hereinafter referred to as Lands and Buildings Tax), from the owner of such lands and buildings, at such rate not exceeding 2 of the market value thereof as the State Government may, by notification in the Official Gazette declare in this behalf: Provided that the State Government may fix graduated rates of tax on different slabs of market values of urban lands and buildings: Provided further that until a notification declaring rate of tax is issued under this subsection, the rate of tax on lands and buildings shall be as follows:- On the first Rs. 1,00,000/- of the market value of the land and building. Nil On the next Rs. 2,00,000/- of the market value of the land and building. ½ On the next Rs. 7,00,000/- of the market value of the land and building. 1 On the balance of the market value of the land and building in excess of Rs. 10,00,000/- 1½ ` Provided further that with effect on and from the date of commencement of the Rajasthan Lands and Buildings Tax (Amendment) Act, 1995 (Act No. 14 of 1995) no tax shall be levied and collected on lands and buildings situate in an urban area having a population of less than one and a half lakh according to the latest census figures: Provided further that if any area is declared a cantonment, or is constituted a Municipality, after the commencement of the Rajasthan Urban Land Tax (Amendment) Act, 1973, the tax on lands and buildings situate in such area shall be levied and collected with effect from the commencement of the year following the year during which the area is declared a cantonment or is constituted a Municipality. x x x (1-A12) For removal of doubt it is declared that the tax shall be levied on land or building or both separately as units. (1-B13) (a) An Assessee may pay one-time-tax in lieu of the tax payable for each year under sub-section (1): x x x (b) The one-time-tax shall be the amount of tax arrived at after multiplying the amount of yearly tax, assessed and levied under the provisions of this Act, by the calculation factor, not exceeding ten, to be notified by the State Government in the Official Gazette, from time to time. (c) Where any building, on which one-time-tax has been paid, is so rebuilt or enlarged as to make the asses see liable to pay an enhanced or additional amount of tax under this Act, the asses see shall, subject to the other provisions of this Act, be liable to pay the amount of enhanced or additional yearly tax or one-time-tax. xxx (2) The tax shall be in addition to any other tax for the time being payable in respect of the land and building or portion thereof under any other law for the time being in force. Explanation deleted by Rajasthan 7 of 1992 1.4.1992.