The Tribune-Threefold hike in property tax on residential units
The UT Administration has notified a threefold increase in property tax on residential properties and two-time hike on commercial ones. All government properties are exempt from the hike. The new tax will be applicable from April 1 for 2025-26.
The Municipal Corporation (MC) had introduced the property tax at the rate of 3% of the annual rateable value on commercial, industrial and institutional land and buildings in 2004. The residential land and buildings were brought within the tax ambit in 2015. The levy had not been revised since it was first introduced.
