Construction Industry News
On Saturday, the Greater Visakhapatnam Municipal Corporation (GVMC) approved a new tax regime in a special council meeting. Now, the Vizagites will have to pay a higher tax for the property.
However, the new tax structure is based on the residential building's market value, reduced from 0.15% to 0.12%.
The police took many leaders into custody outside the civic body's office as the opposition parties staged protests against the new tax structure, demanding to postpone the increased property tax by two years given the financial difficulties faced by the people because of the Covid-19 pandemic.
However, the ruling Yuvajana Sramika Rythu Congress (YSRC) has passed the agenda on the new tax regime. A few Telugu Desam Party (TDP) corporators also spoke in support of the increased property tax.As announced the residential buildings tax hike, mayor G Hari Venkata Kumari said that they would request the state government to reduce the increased tax on the lines of how it happened in Guntur and Vijayawada.
A property tax of 0.12% of residential buildings on the market value, 0.3% on non-residential or commercial buildings and 0.5% on vacant lands will be applied as per the new system.
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