The Times of India             08.08.2013

Get ready to pay new property tax

KOCHI: As part of implementing the new property tax based on plinth area, the Kochi corporation has started issuing new building numbers and furnishing data of buildings located in its area. The local body is aiming to complete the process by the end of the month.

The corporation said the implementation of the new tax structure was a time consuming one as it includes entering data provided by building owners and verifying it physically.

"The zonal offices are in the process of issuing new building numbers. It is being done with the assistance of bill collectors. Building owners are also given forms to furnish details of buildings owned by them," said Ratnamma Raju, chairperson, tax appeal committee, Kochi corporation.

The tax rates will vary depending on the nature of the building, material used for flooring and amenities such as roads and centralised air conditioners. More than 2.5 lakh buildings will be given new building numbers during the drive.

"We will take strong action against those who provide wrong information after verification. Notices will be issued in such cases and a fine of Rs 50 will be charged from defaulters," said a revenue official with the corporation.

The new tax structure is expected to increase tax collection by at least 25%. In the last financial year, the corporation received nearly Rs 18 core as property tax. While residential buildings will have to shell out 25-60% extra as tax, commercial buildings may have to pay 25-150% more.