Property tax fall in Hyderabad areas
Hyderabad: The revision of property tax may be a relief for the owners of large number of commercial buildings in the city.
Areas like LB Nagar, Uppal, Qutbullapur, Malkajgiri, Kapra, Vanasthalipuram, Kothapet, Kukatpally, Saroornagar, Karmanghat and Gaddiannaram may witness a fall of 25 – 30 percent in property tax.
Documents presented at Greater Hyderabad Municipal Corporation (GHMC) office stated that inspite of poor infrastructure, owners in areas like LB Nagar are paying equal or more tax compared to Banjara Hills and Jubilee Hills. Even the municipality corporation is continuously demanding to reduce the property tax in this areas as they do not have the same civic amenities as Banjara hills.
As told by the TD floor leader of GHMC, Mr Singireddy Srinivas Reddy, property tax was increased during 2007, but the rates were abnormal for areas like LB Nagar, Quthbullapur, Malkajgiri, Saroornagar and Kapra. GHMC accepted the mistakes and are ready to revise the rates.
As per the GHMC act , the commercial properties there will have 10 percent rebate on the total tax on 25 years old buildings and 20 percent rebate on total tax on buildings that are aged between 25 years and 40 years. For 40 years and more, 30 percent rebate will be provided.
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