The Greater Hyderabad Municipal Corporation (GHMC) is almost ready to hike the property tax from 1st October, 2012. The civic body already instructed the deputy municipal commissioners to increase the annual rental value (ARV) of properties up to 100% on the present value based on the amenities in the area.
According to the sources, the hike would be applicable to both the commercial as well as residential properties. The departments have already began the exercise of revising the property tax which includes division of circles into taxation zones. The process is expected to be completed by the first week of August.
At present, GHMC is divided into 111 zones and 344 sub-zones for the assessment of property tax. The property tax 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.
The civic body has appointed a team which constitutes officers at circle level to submit proposals for the division of the GHMC into zones and sub-zones. Once they submit the proposals the same will be verified by a panel at the head-office consisting of senior officials. This task will drag till September and the officials are confident of publishing a draft on the new rental values by September 24.
Source: Hans India