By Accommodation Times News Service
The standing committee has accepted the administrative wing’s proposal for hike in residential property tax rates and 27% increase in commercial property tax rates. The decision has been accepted by the Ahmadabad Municipal Corporation. The 4,951 crore budget for the civic body was approved by the standing committee o 2nd February.
The standing committee has proposed to increase tax on residential proposed to increase tax on residential properties from Rs 10 per sq m to Rs 16 in the existing carpet are-based tax formula. For commercial properties the levy has been hiked by 27% from Rs. 20 per sq m to Rs. 28. The hike is likely to earn an additional Rs 500 crore for AMC. The property tax is definitely making noises all over the states where it had been increased.