ResearchBib Share Your Research, Maximize Your Social Impacts
Sign for Notice Everyday Sign up >> Login

AN INCIDENCE OF PROPERTY TAX- A CASE STUDY OF EFFECT ON REAL ESTATE SECTOR IN MYSORE CITY

Journal: International Journal of Civil Engineering and Technology (IJCIET) (Vol.9, No. 2)

Publication Date:

Authors : ;

Page : 340-348

Keywords : Mysore City; Property Tax; Tax; Real Estate.;

Source : Downloadexternal Find it from : Google Scholarexternal

Abstract

Buoyancy in taxes is a relative term which tends to vary from time to time, place to place and with the nature or type of tax. The revenue collections from tax mainly depend upon incidence of such tax and vibrancy of tax administration. Of course, the responsiveness of tax payers also pays equal importance in the buoyancy. However, as long as tax remains as a compulsory payment to the Government, the revenue collections from tax may at the most get postponed as such the buoyancy in long run will never decelerate. When there is economic up search, naturally, tax base gets expanded and buoyancy also gets increased. In case of property tax, which is levied by local governments, buoyancy is directly linked to incidence a largely base for property tax, more the revenue and vice versa. Property tax mainly comprises of house tax, vacancy tax, water tax, lighting tax, conservancy-drainage tax, fire tax. The incidences of these taxes have been changed from time to time depending upon the situational compulsions and advantages. Every time the changes are made, there are reflective changes in the buoyancy. The Mysore city corporation with 920550 population and more than one lakh 10 thousands commercial establishments and has 65 wards and 9 zonal offices. The actual collection of property tax during the year2016-17 is at Rs. 70.16Crores. In this city of Mysore, incidence of property tax will regularly change. Earlier, property tax used to be owed as house tax, that tax also levied only on the basis of type of construction and not the locality. However, now there are different property taxes with different incidences. Undoubtedly all of them have contributed major chunk of funds to the Government

Last modified: 2018-06-09 15:05:40