The Higher Hyderabad Municipal Company (GHMC) has provide you with an modification in calculation of month-to-month rental worth of residential properties for calculation of property tax, with the intention to cast off human intervention.
Nonetheless, the brand new methodology obliterates the distinction between the privileged and the underprivileged dwelling homeowners by way of charge per sft. Approval of the GHMC Council has not been looked for the modification in calculation.
Not like earlier the place the month-to-month rental worth can be fastened primarily based on the kind of property, within the newest methodology, the speed is relevant uniformly no matter the form of property. Accordingly, the MRV will probably be ₹1.25 per sq. foot if the property is in Jubilee Hills, and ₹1 per sft if its situated in different circles.
Beforehand, the MRV ranged between 60 paise to ₹1 per sft., primarily based on the kind of property, officers knowledgeable. If the property was a tin roofed shed, lowest charge can be relevant, and if it’s a luxurious flat, the best.
Property tax charge relies on the slab of the MRV, and calculated on the annual rental worth, going as much as 30% at its highest.
In case of Vacant Land, the Vacant Land Tax is generated on-line on the charge of 0.50% of the property’s registration worth.
Formally asserting the web property tax evaluation system on the time of registration, an announcement from the GHMC stated any current property, which was already assessed for property tax or vacant land tax, will get routinely mutated within the title of the brand new proprietor with out having to alter the prevailing Property Tax Identification Quantity or Vacant Land Identification Quantity.
If the registered property is new or not assessed to date, a brand new PTIN/VLTIN is generated by the Registrations Division and despatched to GHMC on-line.
After evaluation of property, the proprietor will obtain SMS with two hyperlinks, one to obtain the evaluation copy and the opposite for fee of tax.
The brand new system will be sure that all of the properties registered are assessed with out human intervention, and removes pendency in GHMC workplaces, the word knowledgeable.