Burden of increase in land holding tax for Bhubaneswar residents soon
Recently, Odisha cabinet has decided to increase the land valuation which will in turn increase the holding tax in the state making it a burden on residents in Bhubaneswar.
The land valuation is by general administration (GA) department in the city and it will be increased to match the benchmark valuation of revenue department.
The cabinet has asked the GA department to amend the land cost at par with the rate decided by the revenue department of Bhubaneswar Municipal Corporation (BMC).
Now, the land value will increase upto 7.5 per cent as the annual value of a property, which will also affect the holding tax value.
In today’s scenario, the benchmark value for land is Rs 11 crore where as the GA department’s value for per acre land is around Rs 7 crore.
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Source: The Times of India
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