Property Tax
Img : housing

In a major relief for small commercial property owners, the South Delhi Municipal Corporation (SDMC) has rolled back an increase in the rate of property tax for these properties for the current financial year. As per an estimate, this move will benefit nearly 30,000 people.

The decision has been taken after a meeting between SDMC officials and the Mayor. After the meeting, a statement was released by the authority which says that commercial property owners of properties less than 150 sqm, will now have to pay the same property tax for the financial year 2018-19 as they have paid in the last financial year.

The statement further read, “These properties will henceforth be levied tax as per rates applicable in their respective category of colonies i.e., 10 percent, 12 percent and 15 percent, instead of 20 percent rate mentioned in the original schedule of taxes for the financial year 2018-19.”

Giving more information about the move, Mayor Narender Chawla said that property tax rates in respect of such properties have been “rolled back” to bring the rates back to the level existing in the financial year 2017-18. He also told that the changed rates will come into effect immediately.

Shikha Rai, SDMC Standing Committee Chairperson also said that those property owners who have already paid the excess tax, their enhanced amount will be adjusted during the FY 2019-20.

“Around 30,000 owners or occupiers of such properties will be benefited with this liberal decision of the SDMC. The civic body wanted to give relief to small commercial property owners with an aim to protect them from any enhanced amount of property tax,” added Shikha Rai.