The Hindu Business Line : AP not to hike residential property tax

Hyderabad, Sept. 16 There is good new for owners of residential property in Hyderabad and other areas falling under the urban local bodies in the State.

The Andhra Pradesh Government has decided not to increase the tax rate for residential properties. It has, however, decided to increase the same in the case of commercial properties, an official release said.

The decision comes in the wake of months of speculation that the Government was planning to hike the tax rates for residential and commercial properties in view of the boom in the sector.

As per the Municipal Act, taxes have to be revised once every five years.

The last revision took place in 2002. The then Telugu Desam Government had increased taxes, but put a cap (ceiling) of 75 per cent, 100 per cent and 150 per cent on residential & commercial properties respectively.

More Stories on : Real Estate & Construction | Taxation | Andhra Pradesh

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