BREAKING NEWS

After fuel price hike, Jagan Govt hikes property tax in AP

As per the directions of the State government to change the system of levying property tax to strengthen the urban local bodies (ULBs) and provide better services to the people, Guntur Municipal Corporation (GMC) has decided to impose property tax based on the capital value. 
 
At present, property tax is being levied on the annual rental value basis (ARV system), where three months rent is levied as tax per annum. The government has revised this method and will levy tax based on the capital value (CV) of the property.
 
According to GO 198, the percentage of the property tax so fixed, shall not be less than 0.10% and not more than 0.50% of the capital value in the case of residential buildings and shall not be less than 0.20% and not more than 2% of the capital value in the case of non-residential buildings, which shall be effected from the financial year 2021-2022.
 
The GMC passed a resolution on January 8 and issued a draft notification on February 6 to impose a