VMC decides to levy revised tax
The Vijayawada Municipal Corporation which has remained cash starved for long is planning to revise the property tax for both residential and commercial properties in the city. Authorities are likely to be presenting the proposal during the first meeting of the VMC council which is slated to be held this Wednesday.
There are around 13 residential and commercial zones in the corporation limits and authorities that have launched a pilot survey in three circles – 1, 18 and 32 on how to go about the property tax revision. The hike as according to sources is expected to be considerable which will also be depending on the zone and different parameters like slum areas, nature of construction, residential and commercial structures.
In present conditions, the corporation generates an annual property tax revenue of Rs.74 crore and the proposed revision is expected to net the corporation another Rs.30 crore. Authorities list out a few reasons as why they need to revise property tax.
Further details have though not been provided as how the revised property tax will work and from when will the revised tax be levied on the new as well as existing properties.
Source: The Hindu
Commercial Structures, nature of construction, property tax revision, Residential, Slum areas, Vijayawada Municipal Corporation
