In the wake of GHMC Elections which are scheduled to take place by the end of 2015, Telangana Chief Minister K Chandrasekhar Rao has cut down the annual property tax from 1,200 to a nominal Rs 101 for house owners in Hyderabad. This move will bring a smile on the faces of around 5 lakh house owners.
Initially, The CM thought of waiving property tax completely for those house owners paying Rs 1,000 per year. He, however, dropped the idea after GHMC Officials informed him that such a move requires amendment to GHMC Act.
According to existing GHMC Act, State Government can exempt any residential building from property tax if the annual rental value is just Rs 600.
At last, The decision to slash property tax prices has been taken by the Chief Minister. Officials were asked to work on implementation of the new property tax at the earliest.
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