Annual fire rate

(1) A rate of four percent (4%) of the annual value of all lands situated in Belize City shall be paid annually by the owner thereof to the Belize City Council. (2) For the purpose of paragraph 2 above“annual value” means an amount equal to the rent at which any property might reasonably be expected to let from year to year if the tenant undertook to pay licence duties (if any), and the landlord undertook to pay the rates and taxes and to bear the cost of repairs, insurance and other expenses (if any), command that rent or the actual rent received if this is greater than the rent at which the property might reasonably be expected to let. rate.