Property Tax
Img : housing

TSPTB i.e. the Telangana State Property Tax Board has sanctioned an increase in rates and thus the residents of the 61 newly formed urban-local bodies (ULBs) in Telangana will have to pay an additional 5% property tax in the current fiscal year. This increase will directly impact five lakh property owners in this Southern State.

The property tax collection play a pivotal role in developing and maintaining various civic infrastructures and also help the commissioners to implemented new developmental initiatives in their respective jurisdiction.

In the current fiscal year, all the ULBs [Urban Local Bodies] have collected Rs. 22.50 crores out of the combined target of Rs. 81.50 crores. However, the Telangana State Property Tax Board is planning to increase the revenue collection and in between the authority found that nearly 26 Urban Local Bodies [ULBs] were not properly assessed and this resulted in the poor collection.

The board has also initiated actions against the commissioners for not carrying out complete assessments and modifications.

Earlier in August, some urban Local Bodies were formed by merging gram panchayats into municipalities. This action was taken to keep a check on illegal construction in these areas and also to bring a kind of discipline when it comes to planning and development.

On a whole, the formation of new municipalities and merger cost Rs. 3,000 crore to the State.

Earlier, the Telangana Government ordered realtors in the state to get their projects registered with the TSRERA i.e. Telangana State Real Estate Regulatory Authority. This decision is also applicable on the developers and builders who have received permission for their projects on or after January 1, 2017, for registering the same with the authority.