Hyderabad to witness hike in property tax
The property tax is likely to witness an increase in both residential and commercial properties. A draft of the proposed rates will be issued a day before Diwali.
The property owners may have to pay more tax for the second half of the year (October-March). If the proposal is accepted, the minimum tax for residential properties would be fixed at Rs 0.90 per square feet (sft) and maximum at Rs 5.
The Greater Hyderabad Municipal Corporation (GHMC) has also decided to increase the property tax in the areas under their supervision. Uppuguda and Gowlipura residents used to pay Rs 1 per sft and the corporation has proposed to hike it to Rs 2.80 per sft on main roads, even for the slums the property tax would be Rs 0.90 per sft. For Old Malkajgiri, the property tax has been proposed at Rs 2.25 from the existing Rs 0.65 per sft.
The corporation will exercise the tax from June, and the GHMC proposed the rates based on area, usage and building type. The properties have been divided into A,B,C. ‘A’ category properties are those abutting main roads, while ‘B’ those in by lanes and ‘C’ internal areas and slums.
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