Rates in respect of occupied property

(1) The rate to be levied under this Act in respect of occupied property shall be assessed on the annual value thereof and shall be as follows, (a) in respect of property of the annual value in excess of thirty-five dollars, a rate not exceeding twelve and one-half per centum per annum; 21 (b) in respect of property of an annual value of less than thirty-five dollars, a rate not exceeding three per centum per annum. (2) The sum of one dollar shall be the minimum rate payable in respect of any property or holding of real property.