What’s inside:
This article talks about the increase in property tax for landlords and shopkeepers in Patna, Bihar.
Big news is coming for landlords and shopkeepers in Patna, Bihar. The property tax is set to rise significantly. It’s expected that they will have to pay one and a half times more in taxes than before, which will directly affect their finances.
The reason for this increase is that the Patna Municipal Corporation has reclassified 19 roads as ‘Principal Main Roads’. This change means that around 5,500 properties located on these roads will face a higher tax burden. The municipal corporation is also tightening rules regarding tax payments.
A special team has been created to help recover property tax dues. They will start visiting homes from December 22 to raise awareness about tax payments. There’s also a One Time Settlement (OTS) scheme in place, offering relief on interest and penalties for those who pay their dues in a lump sum.
The new property tax system will be effective from May 19, 2025. A total of 112 roads have been classified, with 43 as major main roads. Properties on these newly classified roads will now have to pay more tax, impacting many landlords and shopkeepers.
Under the new tax rates, properties on main main roads will see the highest tax rates. This includes double tax for hotels, gyms, and banks, while coaching institutes and restaurants will see a 1.5 times increase. The new tax structure aims to generate more revenue for the municipal corporation.
Summary:
- Property tax is increasing for landlords and shopkeepers in Patna.
- Reclassification of roads has led to higher taxes for 5,500 properties.
- A special team will visit homes to promote tax payment awareness.
- The new tax structure will be effective from May 19, 2025.
- Different tax rates will apply for various types of properties.
