The civic body said it took the measure following revelations that the hike had, in some instances, touched 40% for residential buildings and 50% for commercial properties. It had received complaints from several property owners. “Those who have already paid property tax need not worry. The excess amount, after factoring in the change announced today, will be adjusted towards the next year’s levy,” mayor Manjunath Reddy told reporters.
About two lakh property owners have already paid property tax. “We have capped the increase at 20% for residential properties, irrespective of the zones they lie in,” Reddy said. The civic body has roped in four private banks to collect property tax to ease the rush at branches of Canara Bank.
Credits ET Realty