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BY erealto | 07-12-2018

Commercial property tax hikes in Chandigarh

Since the imposition of commercial property tax in UT of Chandigarh in June 2003, there is a hike in the property tax for the first time after 15 years of imposition. Now the commercial property owners will have to pay 10% more property tax than the tax levied earlier. This move has come after the UT administration has finally heeded to Municipal Corporation's request to enhance the commercial property tax. The commercial property tax is one of the most important sources of revenue for the MC. And with an increase in the tax, this will yield better revenue for the municipal corporation. The corporation in the last financial year had collected an amount of 30 crores from the tax. The enhanced commercial property tax has been made effective from 1st April 2018, beginning of the new financial year and notices have been sent to those who have not paid the hiked tax. The city has been divided into 4 zones for the purpose of collecting taxes. Property tax on commercial buildings ranges between Rs 3 and Rs 20 per square feet, depending upon zones. The notification, copy of which is with TOI says, "In exercise of the powers conferred by the Punjab Municipal Corporation Act 1976 as extended to the UT Chandigarh by the Punjab Municipal Corporation Law (Extension to Chandigarh Act), 1994, the administrator UT, Chandigarh in partial modification of notification dated June 3, 2003, is pleased to specify that tax on commercial, industrial and institutional lands and buildings falling within the municipal limits, levied by the Chandigarh MC under clause (a) of sub-section (1) of Section 90 of the Act with effect from 1.4.2018 shall be assessed and collected with enhancement of 10% in the existing rateable value per month of Chandigarh MC (tax on commercial, industrial and institutional lands and buildings) Bye-Laws, 2003".

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