It is likely that the households in the GHMC limits would soon be exempted from paying property tax in the Re. 1 to Rs. 4,000 slab. If the Telangana government approves the scheme for residential buildings benefitting 10.14 Lakh households, GHMC would lose Rs.100 to Rs. 200 Crore with this scheme. Households have to pay a nominal fee to the GHMC though.
The decision was taken in the fifth ordinary meeting of GHMC standing committee and the Corporation will submit the proposal for approval on the CM’s table soon.
Mayor Majid Hussain said, “This was a unanimous decision strictly for residential buildings. All assessed households falling under the property tax slab from Re 1 to Rs 4,000 will be exempted from paying the tax.”
Mr. Hussain happily described that GHMC will be the first corporation in India to implement any such exemption for ordinary residents.
The proposal has to face the general body meeting too, which is scheduled for Nov-15.