If you have bought a flat in a newly-constructed building and your developer has not paid land tax to the BMC, get ready to bear the additional burden under the new property tax system.
If you have bought a flat in a newly-constructed building and your developer has not paid land tax to the Brihanmumbai Municipal Corporation (BMC), get ready to bear the additional burden under the new property tax system.
If the BMC Standing Committee gives a go-ahead to the proposal of imposing new capital value-based property tax system on Wednesday, all buildings built after April 1, 2010, will come under its purview.
Following the BMC decision to levy property tax as per the new capital value-based system, it will now calculate it as per the ready-reckoner rates, thus hiking the property tax bill as compared to the present rateable value system. What the civic administration has been grappling with is the levying of property tax on buildings that were built or sold after 2010 but where land tax hasn’t been paid. In such cases, the onus lies on occupants of the building to pay the tax. For such cases, the property tax charge will be very high.
As per civic sources, there are at least 2,500 such buildings across the city that come under the ambit of this “additional burden”. The flat occupants will have to pay land tax, along with the new property tax as per the ready-reckoner rates and the carpet area they live in. Keeping in mind the financial burden these occupants must bear, the BMC is now mulling over the option of implementing property tax as per the 2009-10 rates.
It was two years ago that the governor had approved the capital value-based property tax system proposed by the BMC and approved by the state urban development department. Although the BMC planned to implement the new tax system from April 1, 2010, the Standing Committee did not approve the proposal due to political reasons. Later, it was decided that the whenever the BMC does impose the new tax system, the tax will be levied on the citizens with retrospective effect from April 1, 2010.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}