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adProperty News

     
 
New property tax regime in kozhikode
Source : The Hindu Property Plus Published On : 2009-03-07 City : Thiruvandrum

The Kozhikode Corporation will adopt a new property tax regime for residential and commercial buildings from this year with retrospective effect from April 1, 2008. The tax system is being rationalized after 15 years.

In the existing system, property tax is calculated based on the annual rental value. The purpose of a building and its type are usually not determined. The new system takes into account the carpet area of the building.

Now, even if a flat or house is given on rent, it comes under the category of “occupied by owner.” The tax does not reflect the huge rents in many cases, which has been a dent on the revenues of the civic body.

With the new system, numbers will be allotted to the 1.6 lakh buildings in the city limits. Of these, 80,000 are residential buildings, says Deputy Mayor P.T. Abdul Latheef. The tax structure has been finalized based on the guidelines issued by the State government. Assessment forms will be given to all households. The building owners should then calculate the property tax based on various norms.

Many things have been factored in for calculating the tax. The city has been divided into primary, secondary and tertiary zones.

An area having a government or a quasi-government office, educational institution, commercial complex, market, bus station, railway station and hospital will be in the primary zone.

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