Property house owners in Mysuru will now have to bear a hike of 15 per cent in property tax.
A decision this impact was adopted in the current Mysuru City Corporation (MCC) Council assembly. “The new tax regime will come into effect from April 1, 2021”, MCC Commissioner Shilpa Nag advised The Hindu.
The revised property tax can be fastened on the idea of the brand new steering worth. (*1*), Ms. Nag defined.
The final revision of property tax in MCC was throughout 2017. Though the federal government has mandated a property tax revision as soon as each three years, the revision due in 2020 couldn’t be carried out due to COVID-19.
The revision of property tax, which comes in the midst of an increase in costs of petrol, diesel and cooking gasoline, is being introduced into impact not solely in Mysuru, however all of the City Corporations and Urban Local Bodies besides Bruhat Bengaluru Mahanagara Palike (BBMP).
The Directorate of Municipal Administration (DMA) in Karnataka, whereas issuing a route on February 19, 2021 that the revision in property tax has to be carried out compulsorily, had cautioned that the City Corporations and Urban Local Bodies that failed to revise property tax can be denied the fifteenth Finance Commission funds in addition to the Swacch Bharat Mission grants.
Ms. Nag mentioned the hike won’t go past 15 per cent. Though steering worth in some cases had nearly quadrupled from 2007-08 to 2018-19, the MCC has stored 15 per cent because the ceiling. “We have ensured that the hike will not be beyond that for any category”, she mentioned.
The goal of property tax assortment, which was ₹150 crore final 12 months (2020-21), will go upto ₹180.34 crore in the course of the coming 12 months (2021-22), Ms. Nag mentioned. However, the property tax assortment was solely ₹117.50 crore throughout 2020-21 until March 26. The shortfall has been attributed to COVID-19, which had affected companies and livelihood.
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