January 16, 2024: The Ghaziabad municipal corporation has approved a new rental value structure for determining property tax on households, which will come into effect in Ghaziabad from April 1, 2024, for the financial year 2024-2025, officials said, as cited in a Hindustan Times report. This is expected to increase the tax burden on the residents.
The municipal corporation published the order implementing the tax structure on its official website. It stated the state government had approved the new structure on October 27, 2023.
According to officials, the present tax structure in the city has uniform rental values for all localities. As a result, the households in prime localities and those in lower-segment localities, end up paying similar taxes. The annual property tax is calculated on the basis of rental values.
According to the existing tax structure, the rental values of properties range from 0.87 paise per square foot to Rs 1.32 per square foot for different colonies.
Under the new structure, residential colonies have been grouped under three categories – A, B and C.
Category A includes prime and upscale localities, category B covers less developed localities, and category C comprises least developed localities.
According to the new structure, colonies in Category A will have rental values ranging between Rs 1.75 to Rs 4 per square foot; Category B colonies will have values 0.50p to Rs 3.5 per square foot, while Category C colonies will have rental values in the range of 0.30p to Rs 3 per square foot.
The new rental range includes the rate for RCC houses, permanent roofs and temporary houses, as well as the rate of land and plots.
As per the media report, the corporation jurisdiction area has 100 residential wards and around 452,000 households. A GIS survey by corporations has estimated that an additional 240,000 households will also come under the tax net.
GMC plans to bring property tax at par with circle rates
According to a TOI report, property owners may have to pay higher taxes annually from the new financial year as the civic body is likely to bring property tax at par with the DM circle rate. The circle rates in the city are determined as per road widths in the locality. If the rates are revised, the new tax rates will range from Rs 3.5 per sqft to Rs 4 per sqft, an increase from the current Rs 1.61 per sqft to Rs 2.45 per sqft.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at [email protected] |
Harini is a content management professional with over 12 years of experience. She has contributed articles for various domains, including real estate, finance, health and travel insurance and e-governance. She has in-depth experience in writing well-researched articles on property trends, infrastructure, taxation, real estate projects and related topics. A Bachelor of Science with Honours in Physics, Harini prefers reading motivational books and keeping abreast of the latest developments in the real estate sector.
Related Posts
Facing financial issues but will give flats: Parsvnath to SC.
Act against ‘fraudulent’ Ghaziabad land transfer: HC tells UP.
CPWD endorses additional Rs 231 crores for Signature Bridge construction.
Delhi’s overall air quality ‘very poor’, artificial rain may be induced.
Housing sales likely to witness moderation in Q1 CY2019, owing to new GST rates: Report.
Ghaziabad municipal body hikes property tax by 10% from April 1.
