101. Method of assessment of Tax on buildings and lands.--

(1) Every building shall be assessed together with its site and other adjacent premises occupied as appurtenances thereto unless the owner of the building is a different person from the owner of the site or premises.

(2) The annual rateable value of a building shall be the gross annual rentas defined in clause (1) of section 2, less a deduction of sixteen and two-thirds per cent of such annual rent, and the said deduction shall be in lieu of all allowances for repairs or on any other account whatsoever.