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Assessors may make their. Estimates of Lands, on the Production of the Lease by the Tenant, according to the reserved Rent.
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XLI. And be it further enacted, That in case any Tenant at Rack Rent shall produce to the Assessor or Assessors the Lease or Agreement, if in Writing, under which he or she holds any Premises, to be charged as aforesaid according to the general Rule; and in case it shall appear by such Lease or Agreement that the same shall have been let within the Period of Seven preceding Years, and no other Consideration in Money than the Rent reserved shall be contained in such Lease or Agreement, it shall be lawful for such Assessor or Assessors to make their Estimate according to such Rent, any Thing before contained to the contrary notwithstanding; but such Assessment shall not be binding in case it shall appear to the Commissioners, that the said Lease or Agreement doth not express the full Consideration for the Demise, or the Rent bonâ fide paid for the same, or is made in any other Respect with Intent to conceal the annual Value of such Premises, or to diminish the Estimate to be made thereon: Provided always, that Regard shall be had to the Cases before-mentioned, where the Amount of the reserved Rent shall be increased by reason of any Covenant or Agreement by the Landlord to discharge the Tenant’s Taxes, Rates, Assessments, or Duties before mentioned, or where the same shall decreased by Reason of any Covenant or Agreement by the Tenant to discharge the Landlord’s Taxes, Rates, or Assessments, and to the Deductions to be made on Account of any Aid or publick Rate, or Assessment before described.
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