Hike in Property Tax for Commercial Buildings

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A revision in the property tax by 50 percent on the existing tax for the non-residential (commercial) properties has been proposed from the second half year of 2011. It was declared by the Greater Hyderabad Municipal Corporation (GHMC) that it is to be implemented from October. With this, an additional tax of Rs. 100 crore would be received by the corporation this year.

The corporation had taken an effort to revise the property tax for both residential and commercial properties in 2007. Even in March 2011, a GO (No. 88) was issued by the Municipal Administration and Urban Development (MA&UD) to lift the tax. However, the issue of notice has been postponed by the tax wing to the second half of the year with the resentment from corporators.

The structures of property owners which were assessed by the Corporation before April 2007 would be affected with this recent tax hike. About 50,000 properties in the erstwhile Municipal Corporation of Hyderabad (MCH) and 25,000 properties in the surrounding municipal circles would be hit with the revised tax hike. It was even found to affect 15,000 commercial properties in Circle 10 that includes areas such as Punjagutta, Khairatabad, Ameerpet, Sanjeev Reddy Nagar and Somajiguda. Even, 13,600 properties from Secunderabad (Circle 18), and 12,000 properties of Abids (Circle 8) would be affected. A few hundred properties of Rajendranagar and Uppal were considered to pay more property tax.

Source: TOI

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