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Property tax revision from April 1: Officials begin awareness campaign

Property tax revision from April 1: Officials begin awareness campaign
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Property tax revision from April 1: Officials begin awareness campaign

Highlights

People can put forth their objections before municipal officials in Srikakulam till Feb 7

Srikakulam: Property tax on both residential and commercial properties is likely to be increased in urban local bodies across the State from April 1 this year, according to official sources.

Earlier the property tax was revised in the State in 2002 for residential buildings in urban areas while the revision of tax for commercial buildings was made in 2007.

To impose tax on each residential or commercial property, the government has decided to consider value of the property which was fixed by the Stamps and Registrations department.

Under the revised tax system, the tax would be imposed separately for the site and building.

At present the tax on an asset is being decided based on the rental value for the assent in the locality. But in the revised system, value of the property fixed by the Stamps and Registrations Department will be considered to levy tax.

The State government proposed to impose tax as per revised rates as 0.15 per cent on the building value for residential buildings, 0.30 per cent on the building value for commercial buildings and 0.50 per cent on vacant sites. In Srikakulam city and other towns in the district, officials of started publicity on the proposed percentage of tax on each asset category wise and people can register their objections with municipal officials concerned till February 7.

However, the tax hike was opposed by the taxpayers association strongly. "To earn revenue, government is depending on tax collected from the people instead of creating assets and providing employment," taxpayers association representative M Adinarayana said. "Middle class people will not be able to pay the revised taxes," a housewife Ch Sanjivi said.

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