Owners of both residential and commercial properties in Secunderabad Cantonment are likely to see a rise in property tax rates this year.
SCB sources said the new rates will kick in the present triennial revision, in which the assessment of properties will be done between April 1, 2021 and March 31, 2024. The last triennial revision was done for the period from March 2018 to April 2021.
It is expected that the revised tax for residential properties will stand at 27.6 % while commercial establishments will be taxed at 30.3%. At present, the rates are 24.6% and 27.6% respectively.
According to SCB tax wing records, about 34,000 properties (residential and commercial) across all eight SCB elected wards paid property tax until now. The number is likely to increase by 12,000 this year, which were identified during the verification drive that was taken up recently as part of the drone survey, Svamitva scheme.
“After a thorough check on these properties, their information will be updated in the tax records and the properties will accordingly be allotted property tax identification number (PTIN),” said SCB chief executive officer, D Madhukar Naik adding that special teams will be formed to assess the properties. Officials are expecting to earn ₹30 to 32 crore revenue through the revised tax rates.
Soon, SCB will issue a public notice and urge property owners to submit their objections on the triennial revision, added the official.
The property tax is based on the annual rental value (ARV) of a property, which is calculated by multiplying its total built-up (in square feet) by 12 (one year).
The ARV varies from properties located on main roads, to individual residential properties, shopping malls, and even shops operating out of a single room.