Rate of property fee in Belmopan

(1) Notwithstanding the provisions of sections 19 and 20 of this Act, the property fee in the City of Belmopan shall be levied in accordance with the provisions of this section. (2) The rate of property fee to be levied in the City of Belmopan in respect of any property, whether occupied or unoccupied, shall be assessed on the site value thereof and such fee shall be applied by the Belmopan City Council towards the development and maintenance of its infrastructure. (3) The rate of property fee under this section shall be fixed by the Minister on the recommendation of the Belmopan City Council but shall, in no case, exceed five per centum of the site value of the property. (4) For the purposes of this section, the expression “site value” means the market value that each plot of land has in its present condition, if the plot is vacant and immediately available for use which may be reasonably expected to produce the greatest net return over a given period of time.