New property tax from October 1
By S Bachan Jeet Singh - HYDERABAD
24th July 2012 09:00 AM
The Greater Hyderabad Municipal Corporation (GHMC) is all set to hike property tax from October 1 this year. The hike would be to the tune of 25 per cent on all categories including residential. The process of the general revision of property tax is already underway which includes division of circles into taxation zones. It is expected to be completed by the first week of August. Currently, the GHMC is divided into 111 zones and 344 sub-zones for the assessment of property tax. The first step in the general revision involves division of the entire municipal area into convenient territorial zones for the purpose of fixing the monthly rental value per sq.ft of plinth area.
A team has been constituted with officers at the circle level to submit proposals for division of the GHMC into zones and sub-zones afresh. The proposals will be verified by a panel at the head-office consisting of senior officials. The exercise will drag on till September. Officials are confident of publishing a draft on the new rental values by September 24.
Currently, there are 12.5 lakh assessed properties in the GHMC limits. Of them, 1.50 lakh are commercial properties.
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