FM announces increase in land fair price by 10%; expects additional revenue of Rs 200 cr

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Thiruvananthapuram: Finance Minister KN Balagopal proposed a new slab for land tax and a one time increase of 10 per cent in land fair price value.

He said that a high-level committee will be formed to look into and rectify the discrepancies in the fair value of the land. However, a 10% hike will be implemented as a one-time settlement for the fair value fixed in all categories. The minister said an additional revenue of Rs 200 crore is expected through this change.

He also said that the basic land tax will be revised by introducing new slabs by 40.46 are (one acre) in Gram Panchayats, Municipalities and Corporations.

The basic land tax rate on all slabs will be increased. He added that an additional revenue of Rs 80 crores is expected through this.

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