East Singhbhum district administration has decided to introduce holding tax for Jamshedpur Notified Area Committee (JNAC) while revising the rates for Mango Notified Area Committee (MNAC) and Jugsalai Municipality for the first time in 40 years.

Dhalbhum SDO Suraj Kumar, also designated as rent collector, on Wednesday said the new rates would be implemented in adherence to the Jharkhand Building Code as was decided following an administrative survey under three executive magistrates in all the three civic body areas last year.

Though the rates will be announced after individual surveys by the civic bodies, the holding tax will be effective from August 10, 2016.

"The executive magistrates have identified three kinds of areas in each of the civic bodies - prime, main and other roads. The new rates will be fixed on the basis of the location and number of floors in a building. It will also be at par with monthly rent in these areas, as calculated by the administration. After a review, it has fixed Rs 8.5/sqft per month as rent in JNAC areas, Rs 7/sqft in MNAC areas and Rs 6/sqft in Jugsalai. On the basis of this, we will fix the annual holding tax rates," Kumar said.

Citing an example, he said: "For a building on prime Bistupur Main Road, the holding tax will be around Rs 2.55/sqft annually."

Kumar maintained the civic bodies would conduct separate surveys. "Once the survey of individual buildings is completed, the owners will know the exact amount," he added.

He said the holding tax in MNAC and Jugsalai municipal areas were not revised in the past four decades.