New property tax finally notified in SAS Nagar
After around five months, the municipal corporation (MC) is all set to make new property tax applicable in the district. The tax was slashed by the Punjab government and the MC had been waiting for the new rates to get notified. The new rates will be applicable from April 1, 2014.Updated: Jan 03, 2015 11:42 IST
After around five months, the municipal corporation (MC) is all set to make new property tax applicable in the district. The tax was slashed by the Punjab government and the MC had been waiting for the new rates to get notified. The new rates will be applicable from April 1, 2014.
Confirming the development, MC commissioner Uma Shankar Gupta said, “We have recently received the notification. Now areas will be divided into categories according to the notification, and the list of tax payable will also be released. A separate list will be prepared for the industrial and business establishments.”
As per the new notification, the SAS Nagar MC has been listed in A-category. Each municipal area of an A-category city will be classified in three different areas - Area 1, Area 2, and Area 3.
The Area 1 will include all posh areas of the city, while the Area 2 will include less posh/developed areas. Balance areas will be included in the Area 3 category. Based on the criteria, the MC is working on including these areas into their respective categories. Ones the process is completed, the new list of the payable tax will be released.
Notification further states that for built-up area of the ground floor in residential houses category- except single-storey houses built on the land area up to 125 square yards- the property tax of Rs 5 per sq yard for the ‘Area 1’; Rs 3 per sq yard for the ‘Area 2’; and Rs 2 per sq yard for the ‘Area 3’ respectively, will have to be paid. For basement, first floor, other floors and vacant areas, the rate will be 50% of these rates.
Similarly, rates for other establishments have also been fixed, including marriage palaces, hotels and industrial units.
First Published: Jan 03, 2015 11:37 IST