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Property owners in Secunderabad Cantonment, both residential and commercial, are bracing for increased property tax rates this year due to the triennial revision. The assessment of properties will take place between April 1, 2021, and March 31, 2024, with the new rates coming into effect during this period. The previous triennial revision occurred between March 2018 and April 2021.
The revised tax rates are expected to be 27.6% for residential properties and 30.3% for commercial establishments, up from the current 24.6% and 27.6% respectively. Approximately 34,000 properties have paid property tax thus far, with an additional 12,000 identified during a recent verification drive as part of the Scamitva scheme's drone survey.
This increase in property tax rates aims to provide the Secunderabad Cantonment Board (SCB) with additional funds for infrastructure development, public services, and various other projects that benefit residents and businesses in the area. The proposed hike also intends to ensure that property taxes are more reflective of the current market values.
In an interview captured by ET Realty, Secunderabad Cantonment Board (SCB) Chief Executive Officer D Madhukar Naik was quoted saying that special teams would be formed to assess these properties and update their information in the tax records. He added that after a thorough check on these properties, their information will be updated in the tax records, and the properties will accordingly be allotted property tax identification number (PTIN).
Officials anticipate generating revenue of Rs 30 to 32 crore through the revised tax rates. The additional funds collected will help address budgetary constraints and support ongoing projects in the Secunderabad Cantonment area, ultimately benefiting the local community and fostering growth.
SCB will soon issue a public notice inviting property owners to submit their objections to the triennial revision. Property taxes are based on a property's annual rental value (ARV), calculated by multiplying its total built-up area (in square feet) by 12 (one year). The ARV varies depending on the property's location and type, including main roads, residential properties, shopping malls, and single-room shops.
The proposed tax rate hike has garnered mixed reactions from property owners. Some are concerned about the financial burden, while others acknowledge the need for increased revenue to fund essential services and infrastructure projects. The SCB aims to strike a balance between generating necessary funds and ensuring that property owners are not overly burdened by the increased rates.
In response to the concerns raised by property owners, the SCB is considering various relief measures for taxpayers experiencing financial difficulties. These measures may include instalment payment options, discounts for prompt payments, or potential exemptions for certain property categories.
In conclusion, Secunderabad Cantonment property owners should prepare for a potential increase in property tax rates as a result of the ongoing triennial revision. The updated rates are expected to bolster revenue collection, which will contribute to the development and maintenance of the area. As the SCB moves forward with the revision process, it will consider the concerns of property owners and explore potential relief measures to ease the financial impact on taxpayers.
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