Hyderabad: In accordance to the announcement made by the Hyderabad Municipal Corporation, there will be an anticipated property tax hike from the 1st of October 2012. This tax reform is applicable to residential and commercial properties having all the basic civic amenities. This tax revision has been introduced to eradicate the irregularities in the existing tax structure. Abnormalities in the tax system have been observed since some properties seem to be shelling out higher property taxes as compared to their counterparts. The property taxes are fixed bases on the location, property type, availability of basic amenities, infrastructure and other decisive factors.
The tax revising process has already begun with zonal reports coming in to encompass all the properties under the Hyderabad Corporation Limits. In-person assessment will also be conducted by the Corporation officials where abnormalities have been reported.
Revisions in the property taxes are expected to be implementation from the 1st October 2012.Proper implementation of this tax revision will be taken care by Hyderabad Corporation.
The new projects are being constructed with innovative lifestyle features, facilities and specifications which are not available in resale properties