Property Plus
Coimbatore
A burden on property owners
Resource mobilisation is a pre-requisite for developmental activities of the State. Yet, an asset with the citizen is being squeezed to such an extent that the owner may be compelled to abandon it due to exorbitant and excessive taxation. Let us discuss this aspect covering real estate especially in the wake of the Capital Value Sy
stem-based taxation set to be implemented in Bangalore.
Have we ever thought of the number of times the owner of a property is asked by the State to pay taxes and levies? As long as he holds the property, annual tax has to be paid to the revenue collection authority such as panchayat, municipality, corporation or SEZ.
If the owner wishes to construct a building on his land, plan approval fees will be required to be paid depending on the type of building proposed to be built.
Once the property is completed, annual tax will be levied on the basis of the system of tax in vogue. But the Capital Value System now proposed goes by the market value and commercial area consideration even for residential buildings.
K. SUKUMARAN
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