Hyderabad: GHMC All Set To Revise Property Tax After 15 Years To Increase Revenue For Flagship Programmes

The Greater Hyderabad Municipal Corporation would revise property tax from the ongoing financial year, which would affect about 21 lakh residential and commercial properties, reports Deccan Chronicle.

The corporation has reportedly completed the requisite formalities and would issue a notification. Reports suggest that corporation had completed the property tax revision immediately after the GHMC elections in 2016.

A draft notification has been sent out for inviting suggestions and objections from residents after which the matter would be brought before the standing committee. After its approval, the draft notification would be referred to the GHMC general body.

An official stated that even though property tax should be revised every five years, the residential properties have not been reviewed for more than 15 years and commercial for 11 years.

GHMC had been looking to increase property tax to overcome its financial crisis and take up the government's flagship programmes, including the Strategic Road Development Plan (SRDP) and construction of about one lakh 2BHK houses, said the official.

“Though the rental value of several properties in most areas has seen an increase by at least five times, the residential property owners are still paying the old rates. t has been found that most of the properties are either un-assessed or under-assessed”, the official added.