North Municipal Corporation’s on Tuesday approved hike in property tax rates for non-residential properties. Although it was suggested that more properties be brought under the tax net, the committee reje cted increase tax for residential properties.
Eyeing the upcoming elections, the committee also approved Rs 75 lakh per as development funds for each of 42 unauthorised and regularised colonies. For services in unauthorised colonies, a sum of Rs 25 crore has been allocated. “ There is no change in residential property tax and we have rejected the hike in base price of properties, as suggested by officials. For non-residential properties in A and B categories, a 3 per cent hike is approved The tax stands at 18 per cent. For categories C, D and E, the tax was 12 to 15 per cent. Owners of properties under F and G categories had to pay 10 per cent tax.
The commissioner proposed 20 per cent tax for all property, but Standing Committee chairman Yogendra Chandolia approved a slight increase. The new tax for categories C, D and E is 15 per cent. F and G category commercial properties will have to pay 12 per cent tax. The committee has reduced the tax by 5 per cent for guest houses, lodges, inns and PGs. They will have to pay 15 per cent property tax.
For special non-residential properties like four and five star hotels, malls, PVR multiplexes, cinema halls and non-government hospitals, the tax has remained 20 per cent. In a move aimed at