Ghaziabad Property Tax Revised Rates

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Introduction

Ghaziabad Municipal Corporation (GMC) has officially announced a revised house tax for FY 2024–25. Per square feet (sq ft), depending on the width of the road in front of the property and the type of construction. There are prices of Rs 3.5 per square foot (sq ft) to Rs 4 per sq ft. Property owners are advised to check the official Ghaziabad Property Tax website. Openplot explains to you how the revised house tax is calculated for their particular property.

Ghaziabad Property Tax Revised Rates

Table of Contents

Location of property and front road. A new rental value structure for determining property tax on houses came into effect in Ghaziabad on April 1, 2024. This new system aims to make tax calculations more transparent and fairer for all property owners in Ghaziabad. Residents must be informed of these changes to avoid any future confusion or discrepancies.

Impact on Potential Economic Growth

According to a GMC official told Openplot, primarily the criteria for deciding the new tax slab will include DM circle rate, property size, and location. The impact on revenue collection and potential economic growth is also taken into consideration before finalizing the new tax slab. The new tax slab will be fair to all residents irrespective of their property size or location. The officer emphasized the importance of ensuring that all property owners are treated equally.

He stated that public opinion and consultation will be taken before implementing any changes in the taxation system. Generating sufficient revenue for development projects. The GMC must strike a balance between ensuring that the tax burden is fairly distributed among residents. By involving the public in the decision-making process. The GMC is transparent. It aims to create a tax system that reflects the needs and concerns of society.

Ghaziabad Property Tax Hike

For properties with a road width of less than 12 meters, the house tax will be 3.5 per square feet. As compared to Rs. 1.61 per square feet earlier. This house tax increase is aimed at providing additional revenue to the local government to fund infrastructure development projects. It also serves as a way to encourage property owners to widen roads on their properties.

Similarly, properties with road widths ranging from 12 meters to 24 meters will now be charged Rs. 3.75, as against the earlier Rs. 2. This change in tax rates is intended to reflect the increased value of properties with wider road access. Generate more revenue for the local government. Property owners affected by this adjustment will receive notification of the new tax rate and any changes to their tax bill accordingly.

Kavinagar Dm Circle Rates Are Higher Than Shahid Nagar Circle Rate

Moreover, areas with high DM circle rates also affect house tax rates. However, householders should be aware of each circle rate and property tax. For example, Kavinagar DM circle rates are higher than Shahid Nagar circle rates. The official said that it was mentioned in the media report that house taxes would increase by an average of Rs. 4,000 to Rs. 5,000 annually.

The official emphasized that the final increase may vary depending on these figures and personal property valuations. They advised residents to be informed through official announcements from the local government regarding any changes in tax rates.

GMC Survey in Ghaziabad

According to the GMC survey, the number of properties in the city has increased from 4.5 lakhs to 6.3 lakhs. It seems that the corporation’s income is likely to increase by Rs. 60 crores. The GMC had earlier announced Ghaziabad property tax rates in January 2024. The increase in properties indicates a potential boost in revenue for the corporation. Which could lead to improved services and infrastructure for residents.

This rise in income could also help fund upcoming projects and initiatives planned by the GMC. the growth in properties suggests a positive economic outlook for the city and a promising future for its development. The GMC’s decision to raise tax rates seems to be paying off in terms of generating more revenue for essential services and projects.

Conclusion

GMC has officially announced a revised Ghaziabad Property Tax for FY 2024–25. This adjustment aims to generate additional revenue for essential civic services and infrastructure development within the city. The decision was made after careful consideration of the city’s growing needs and the need for sustainable funding sources. Residents are encouraged to pay their taxes promptly to support the continued growth and improvement of Ghaziabad.

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