The New Indian Express 31.08.2010
Property tax hike put on hold for now
HYDERABAD: It looks like the dread of increased property taxes is over at least for now.The proposed decision of the Greater Hyderabad Municipal Corporation (GHMC) to increase property tax by a whopping 30 percent from 2011-12 has been rejected by the GHMC Standing Committee.
The committee which met on Monday under the chairmanship of mayor Banda Karthika Reddy rejected tax hike proposals. They asked the GHMC commissioner Sameer Sharma to submit alternate proposals on improving tax collections.
The commissioner had submitted the proposal to the committee seeking their consent to increase property taxes to avail a loan of Rs 600 crore from nationalised banks and private institutions, in lieu of the amount being spent under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM).
