GOVERNMENT is drafting a bill that will make a property’s market value the sole means of assessing property taxes. Business Day reports that the legislation will introduce a single formula for calculating property taxes, replacing the 14 disparate methods currently in use. The bill aims at bringing untaxed areas into the tax net, applying a uniform rating system, and enforcing frequent valuation. The business sector has welcomed the move. It sees it as relief from outdated, arbitrarily applied valuation rolls.