Property and taxes VIJAYAWADA

VIJAYAWADA, (the city which periodically remains in various criticisms). The state government of the city on Thursday clarified that there is no “abnormal increase” in property taxes in the new capital value system (CV), adding that these changes are “in line with the recommendations”. The Central Government and the 15th Finance Committee.”

The government also added that it has taken measures to limit the increase in spending in the previous year to 15% because “consumers may be overloaded.”, considering the pandemic worldwide, According to a report issued by the Chief Public Department stated that reforms that consider the CV of properties rather than the annual rental value (ARV) will help “reduce complexity and increase transparency.”

The government also stated that, unlike the old ARV system, a nominal property tax of Rs.50 will apply to residential properties The floor area of the building is less than the vulnerable part of 375 square feet. Therefore, the government calculates the "ULB Estimated Annual Loss" to be 12.68 crores.