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Property owners in for a tax shock treatment soon
The Greater Hyderabad Municipal Corporation (GHMC), which had reduced property tax from Rs 1,200 to Rs 101 on the instructions of the State government prior to the civic body polls, is now reverting to old methods.
​Hyderabad: The Greater Hyderabad Municipal Corporation (GHMC), which had reduced property tax from Rs 1,200 to Rs 101 on the instructions of the State government prior to the civic body polls, is now reverting to old methods.
It is now reassessing tax on residential properties so as to recuperate the lost revenue. The GHMC has now embarked on a survey and is reassessing the tax on 5.5 lakh properties. The exercise is aimed at garnering Rs 60 crore additional revenue by December.
The State government had decided to exempt from property tax residential buildings occupied by the owner with annual property tax liability of up to Rs 1, 200, subject to the condition that the beneficiaries would pay a nominal amount of Rs101 a year. The move had deprived the GHMC about Rs 87 crore in revenue from the property tax.
With the GHMC facing severe financial crisis, officials have decided to reasses properties for which the property tax had been reduced. According to highly placed sources, the civic body officials had started reassessing the properties from July and the task would be completed by December.
A senior GHMC official told The Hans India that the civic body had till date brought 1.47 lakh properties back into the tax net and had generated Rs 20 crore through reassessment. During the survey, the official noticed that in most of the properties across the city for which the property tax had been reduced, additional floors between two and three were added.
Such properties had been reassessed and the property tax would be charged according to the current value of the structure in the respective area. The official said that GHMC would generate at least Rs 60 crore by reassessing these properties.
Asked why the properties were not reassessed prior to the GHMC polls, the official said the civic body had reduced the property tax only on the instructions of the State government. S
ince the corporation had been facing severe financial crisis, the civic body officials had been concentrating on the sources of revenue generation and reassessing property tax was one of them, official said.
The corporation had been reassessing all residential and non-residential properties also to generate revenues of at least Rs 400 crore, the official added.
