* Flat rate for all buildings * Revised rate effective from today * Revenue target Rs. 45 crore
Mysore, Apr. 1 (KK&KMC)- The City Corporation has imposed revised property tax hiked by 15 per cent, effective from today.
Property taxes need to be revised once in every three years as per the Karnataka Municipal Corporation Act of 1976, column 109 A, Corporation Commissioner K.S. Raikar told Star of Mysore yesterday and added that the flat rate of tax hike will be applicable to all kinds of properties.
An additional revenue of Rs. 55 crore is expected for the Corporation coffers this financial year and with the objective of further increasing the income, the revenue layers are being included in the taxable properties list, Raikar said.
The target for property tax collection in 2009 was Rs. 37 crore while in 2010, it is Rs. 45 crore, a 15 per cent hike following the revision, Raikar said and added that the property taxes will be applicable for vacant sites, residential buildings, commercial buildings, cinema halls, educational institutions and all kinds of industries.
Earlier it was proposed to hike taxes of residential houses by 15 per cent, commercial buildings by 30 per cent, and educational institutions by 20 per cent.
The proposal was dropped following objections and flat rates of 15 per cent have been imposed, it is learnt.
Courtesy : Star Of Mysore