Friday, 20 December 2013

Higher taxes for your property

Assessment rates for properties in different local authority areas are to go up manifold from next year. This is because the Government wants to place a Capital Value on the property instead of the present valuation system. This will apply to properties located in Municipal, Urban Council and Pradeshiya Sabha areas.

At present assessment rates are collected by local authorities based on the “annual value” of properties. This also takes into consideration the general amenities provided by the respective local authorities.


(Source: Sunday Times)

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