Twitter
Advertisement

BMC relaxes norms for property tax evaluation

Citizens need not be too wary of the new capital value system for property tax, assure civic officials.

Latest News
article-main
FacebookTwitterWhatsappLinkedin

Citizens need not be too wary of the new capital value system for property tax, assure civic officials.

To ensure that the revised method of property tax computation does not pinch too many pockets, the civic administration has offered relief to select structures like residential buildings, schools and hospitals.

The Brihanmumbai Municipal Corporation (BMC) has decided to list these properties as exceptions and lower the rate of calculation of property tax for them.

Municipal commissioner Subodh Kumar directed the department to lower the rate of tax to be imposed after the standing committee rejected the proposal last month. At present, the BMC calculates tax as per the ratable value of a property, but the new method uses ready reckoner rates of properties.

“Revisions in the drafted regulations for property tax are being made. Once the new draft is ready, we will submit it again to the standing committee for approval,” said Rajiv Jalota, additional municipal commissioner (projects).

Jalota added that they are also in talks with the political wing of the civic body to clear the proposal. While corporators assert that the new method will lead to a successive increase in property tax every year, civic officials claim the new method is more transparent. The fate of the capital value system of property tax has been undecided for the past two years.

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
Advertisement

Live tv

Advertisement
Advertisement