Households Hit by Property Tax Hike

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The Greater Hyderabad Municipal Corporation (GHMC) proposed to increase the property tax by five percent every year and it is intended to be in action from April, 2012. This has been proposed in order to repay the bank loan being taken for various developmental works in the city.

Infrastructure and other developmental works including construction of flyovers, rail over bridges, rail under bridges, junction improvement works, road widening, Musi developmental plan and community hall constructions totally costing Rs. 813 crore have been planned in the next two years. It was planned by the corporation to take Rs. 600 crore as a loan from the State Bank of Hyderabad at the rate of 11.25 percent. This is considered to contribute for the hike in property tax. In addition, it is found that, as per the 2011 census, out of 21 lakh households, the property tax was being collected only from 10.50 lakh households. The corporation even is ready for collecting the tax from all the houses within six to seven months.

Source: TOI

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