Property tax in Mysore to jump from 50 to 500 %
The property tax in Mysore is likely to go up from 50 per cent to 500 per cent, once the amended Karnataka Municipal Corporations Act comes into force.
The amended act paves the way for more revenue generation on the part of the city civic body.
Before the amendment, the maximum rate of property tax that could be levied by Mysore City Corporation on commercial properties was 2 per cent of the total capital value of the property. The amendment increases it by 50 pc to 3 per cent.
The amendment also increases the maximum rate of property tax on vacant land less than 1,000 sq m in area from 0.2 pc to 0.5 per cent (an increase of 250 per cent), vacant land between 1,000 sq m and 4,000 sq m in area from 0.05 per cent to 0.1 per cent (an increase of 100 per cent) and vacant land larger than 4,000 sq. m in area from 0.02 per cent to 0.1 per cent (an increase of 500 per cent).
It also mandates rainwater harvesting for all existing buildings built on a site larger than 2,400 sq. ft. and also on all proposed buildings on sites larger than 1,200 sq. ft.
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