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Property tax structure revised

Comments(3) Sub Category:Uncategorized Posted On: Nov 21, 2011

Kochi Property owners, the revised property tax structure is here! The tax payments from now on will be based on floor area of the property. Kochi Corporation has revised the property tax structure as per the orders issued by the Local Self Government Department. According to the previous norm, property tax was collected based on the annual rent, size of the building, road connectivity and location of the building. However, according to the new norms, the floor area of the building will be considered while collecting property tax in Kochi.

25 percent tax exemption will be collected for the properties with the floor area less than 75 square metres and the properties having less than 125 square metre will get 10 per cent reduction on taxes. For properties built with marble, vitrified tiles, quality wood and granite the owners will have to pay 15 percent along with the floor area rates respectively. Tax exemption of 15 percent is granted for the buildings located near public paths.
The revised tax collection for rental buildings will be increased by 50 per cent, resorts and star hotels will see a hike by 75 percent. Rs. 20/square metre will be charged for hospitals and educational institutions. To follow upon all these measures, Kochi corporation has structured 74 wards respectively for primary, secondary and tertiary zones in the city.

Source: IBN Live

Image: ponsulak / FreeDigitalPhotos.net

3 Responses to “Property tax structure revised”

  1. [...] Property tax structure revised [...]

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