Revised Capital Value Added Property Tax for Visakhapatnam Municipal Corporation

The Municipal Administration Department of Andhra Pradesh through gazette notification dated 13 August, 2021 has directed the Visakhapatnam Municipal Corporation to implement the Capital Value Added Property Tax as a matter of duty and to reduce the proposed tax on residential buildings from 0.15 percent to 0.12 percent on their capital value, and to impose a tax of 0.30 per cent on residential buildings on their capital value, as well as a tax on vacant land at 0.50 percent on their capital value.