Property Tax hike in Kochi?

Q: Hey is the hike in property tax really happening? I heard something otherwise a few days ago. Guys, please discuss. I’m planning to buy property in Kochi. I need the latest information on this

Allen George, Kochi

4th September 2014

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Replies (7)

Yes the 20% property tax on residential apartments and the 90% on commercial buildings are currently being revised. I think this is happening because of noise that was created by the LDF members, who wanted this whole new regime abolished actually.

Aadesh Chacko, Kochi

4th September 2014

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The scene is that the authorities are actually considering revising this hike in property tax rates.The local body is going to look into ways to lower the upper limit for the property taxes on residential and commercial buildings.

Amal Anthony, Kochi

4th September 2014

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I dont think that this was the last of the property tax revision in Kochi. I also heard about some tax deductions that were recently implemented. Can anybody shed some more light on this? I myself don’t know much about this.

Micheal George, Kochi

4th September 2014

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Yeah, that’s right. And for the commercial buildings, the minimum tax amount per square foot is Rs 90. They even have to pay tax for the common areas. So the owners of a lot of commercial spaces were actually grumbling about this.

Sathish Menon, Kochi

4th September 2014

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Hey but that is not a fixed amount however, and it will differ depending on a lot of factors. For example, if the house is bigger than 250 sq.m and has marble flooring, then there is an extra 15%.

Aadesh Chacko, Kochi

4th September 2014

Comment

Yes, previously the property tax value was 15% of the rental value every year. Now the property will be divided into either residential or commercial type. For residential buildings the tax amount will be Rs 20 per square metre.

Krishna gowda, Kochi

4th September 2014

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Hey the last I heard about the property tax in Kochi was end of last year when the tax hike happened. The corporation wanted to increase the total tax collected by them by Rs 20 crores within a year, so they implemented this property tax hike.

Deepak Shetty, Kochi

4th September 2014

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