Daijiworld Media Network - Mangalore (SP)

Mangalore, Jul 1: The City Corporation here, at its session held on Tuesday June 30, decided to cut the self assessment property scheme (SAS) tax rates it had earlier announced, by 50%. The earlier scheme stands revised to that extent.

The new SAS had been introduced in the city limits when the deputy commissioner was the administrator of the Corporation. Under the scheme, residential buildings were charged at 0.6% and commercial taxes were taxed at 2%.  The session on Tuesday however, decided to introduce tax on slab basis. Minimum tax for residential buildings will be charged at different rates, from a minimum of 0.3% with a maximum of 0.8%. For commercial buildings too, the rates have been fixed in slabs.

Open yards of the tile and cashew factories, fish processing units as well as the rice and oil mills have been exempted from being considered while computing tax. The city mayor has already announced that those who have paid tax at the earlier rates, will be taxed in future, after deducting the excess amount so paid. The new rates are 0.3% upto 500 square feet (sft), 0.4% between 501 and 1,000 sft, 0.5% from 1001 and  2000 sft, 0.6% from 2001 and 3,000 sft, 0.7% from 3,001 and 4,000 sft and 0.8 above 4,000 sft.