Belagavi residents are in for a financial shock this year as the city corporation announces a substantial increase in property taxes for the year 2024-25. Effective immediately, property tax will be calculated based on Ready Reckoner Prices plus an additional 3 percent hike, placing an added burden on homeowners.
Despite the expected rollout from April 1, the system is yet to commence due to technical glitches, leaving citizens in uncertainty. With no online or offline challans generated, residents are left waiting for further updates. Also paying the Property tax in April will get u the 5% rebate.
The official website for payment of Property tax https://belagavicitycorp.org is currently down
The decision to adjust property taxes follows the revision of Ready Reckoner Prices, signaling a significant change in the tax levy for the city. Notably, Belagavi has seen no property tax increase since 2020.
This increase comes on the heels of a previous decision in September 2023 to raise property taxes by 3 percent, which had not been implemented until now. Consequently, residents will face a double financial burden, compounded by the increase in rent from the previous financial year.
The simultaneous implementation of both last year’s 3 percent property tax increase and the revised rates as per the Ready Reckoner Prices will hit residents hard in the new financial year. Moreover, those who pay their property taxes in April will receive a 5% rebate, offering a slight reprieve amidst the heightened financial strain.
Long story but not clear percent increase from last year. 😕
Impact of Govt guaranty scheme.