81% of properties in Mumbai remain unaffected from property tax hike
As per data with the Brihanmumbai Municipal Corporation (BMC), around 81 % of the properties in Mumbai remain unaffected from the recent hike in property tax.
With the new capital value-based property tax system in place, the citizens have been unhappy regarding the same and many plan to contest in High Court. However, 81% of the properties remain unaffected.
Further, for 27% of the residential properties in Mumbai, the tax bills have already been reduced as compared to the old rateable value-based system.
The tax bills which have been reduced will be refunded back to the owners of the properties, mostly new buildings in the suburbs. The excess tax they have paid under the old system for the past three years will be refunded back.
The change in calculation of property tax has only affceted 19% of the residential properties in the city, mostly old buildings and buildings in the island city.
For a refund, the citizens can submit the ECS form to the local ward office and any additional tax paid in the subsequent bills will also be adjusted.
The new system of property tax was made to rationalise tax across the city and bring parity in tax collection.
For those citizens who do not wish for a refund immediately, the remaining amount will be adjusted in their next year’s property tax bills.
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BMC, BMC Mumbai, BMC property tax, Brihanmumbai Municipal Corporation, capital value-based property tax, ECS form, Mumbai, Properties in Mumbai, property tax, Property tax bills, rateable value-based system, Residential properties in Mumbai
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[...] 81% of properties in Mumbai remain unaffected from property tax hike [...]
[...] 81% of properties in Mumbai remain unaffected from property tax hike [...]
[...] 81% of properties in Mumbai remain unaffected from property tax hike [...]
[...] 81% of properties in Mumbai remain unaffected from property tax hike [...]