The State Government has decided to put off the revision of market value of immovable properties till end of the current financial year, 2020-21 in view of suspension of economic activities due to Covid pandemic.
Such a decision of the Revenue and Disaster Management Department would give relief to the registrant public during the economic crisis arising for the Covid-19 pandemic.
A notification in this regard would be issued soon. At a Covid-19 pandemic-related meeting held under the chairmanship of AsitTripathy recently, R & DM Principal Secretary Bishnupada Sethi proposed to keep the upward revision of market value of immoveable properties in abeyance for a year to give relief to the registrant public. After a discussion, it was decided to put off the revision till March 31, 2021.
Normally, the market value of the immovable properties is reassessed every two years in the State. District Valuation Committees (DVC) headed by district Collectors are formed for the purpose.
As per the practice in vogue, the DVCs are empowered to enhance 10 per cent of the market value of such properties.It has been further decided that biennial revision of immovable properties in all the districts should be uniformed and implemented from April 1, 2021.
The DVCs would send the determined market value of immovable properties to the Inspector General Registration (IGR) in the first week of March 2021 for approval of the Member Board of Revenue.