Little did the ruling party in the BMC, the Shiv Sena-BJP combine - think that the revised, capital-based property tax system will lighten the coffers by Rs314 crore.
The Brihanmumbai Municipal Corporation (BMC) officials were trying to be just by putting the suburbs and the island city under the same umbrella for property tax. Little did the ruling party in the BMC, the Shiv Sena-BJP combine - with an eye on the upcoming civic elections, think that the revised, capital-based property tax system will lighten the coffers by Rs314 crore.
The revised proposal, submitted to the standing committee, is all set to be passed in the next week. The Shiv Sena and the BJP had rejected the proposal when it was earlier tabled in August.
As by per the first proposal, property in the island city were taxed more than those in the suburbs. The new one is expected to narrow down this divide.
“The capital-based tax system was introduced to end the gap in taxation between the city and the suburbs, but it was still found wanting. So, it was revised and it will be sanctioned soon,” said Rahul Shewale of the BMC’s standing committee.
This year, the expected recovery from property tax was Rs3700 crore. But the BMC earned just Rs2,800 crore. Going by the new proposal, residential and office property will have to shell out less tax.
The proposal has split property into four categories - residential, offices, banks and school buildings. There are 14,22,812 residential property, of which 3,91,347 will get relief, while 275,256 will have to pay more under the new tax slabs. There are 7,8053 office property, of which 67,794 will be taxed more and 10,259 will get a rebate. While the tax on 3,946 school buildings will be reduced, 6703 others will have to pinch their pockets.
Besides, 1,97,080 residential property in the island city will have to pay two or three time more tax than what they pay now.
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