AMARAVATI: In a big relief to people, the state government has decided against revising the market values of land during the current fiscal. The stamps and registration department was scheduled to revise the market values from August 1.
The decision to not revise the rates was taken due to Covid-19, special chief secretary (revenue) Rajath Bhargava said. “Several organisations submitted representations explaining the difficulties being faced by the general public in carrying out transactions in immovable properties due to Covid-19. Keeping the issues in mind, the government has decided that there will be no revision of market value this year. The present market value guidelines will remain in force without any revision till March 31, 2022,” said Bhargava.
Several district administrations, in fact, have already commenced the exercise to propose revision in market values. The committees headed by joint collectors reviewed the latest market values with district stamps and registration department officials and directed them to ready the proposals. Draft proposals are already complete in several districts and officials were waiting for final instructions from the government.
Sources said the decision of the municipal administration department to go for revision of property taxes based on capital value by replacing the existing annual rental value might also have also played a role in putting the revision of market values on hold as the upward revision of market values, particularly in urban areas, would have had a severe impact on revision of property taxes based on capital value.
