New property tax rules for Mumbai property
The standing committee has permitted to implement the new property tax rules for properties in Mumbai. Before, the property tax in Mumbai was calculated based on the rental value of the properties.
In the new property tax system, the value will be based on the actual property value and not the rental value. In the older property tax rates, the residents of Mumbai were paying lesser amount of property tax as buildings were assessed in the 1920s when the rent was quite low.
According to analysts, the new property tax system will effect very less number of residents. According to their estimate only 20 percent of houses in Mumbai will be affected by the revised property tax format.
The new system will help reveal the real value of the property based on the current market rates rather than on rent paid by tenants.
According to an official of Mumbai Municipal Corporation, the new system will bring in more transparency into the system. The citizens will be able to calculate their own taxes and pay them online.
With the new system, the residential tax for 1,000 sq ft in some premium areas like Nariman Point, Worli, Cuffe Parade and Nepean Sea Road will increase in between Rs 8,540 and 24,690. While now the residents of those areas are paying property tax in between Rs 3,280 to Rs 3,850.
High Valued Properties are Avoiding Stamp Duty
Source: Times of India
Mumbai Municipal Corporation, Properties in Mumbai, property tax, property tax in Mumbai, Property tax system
we are senior citizen,at this age we have limited resoures or not properly, how we are going to fill that gap, we don,t no please do not increase property tax. this my humble reqest to consider again. thanking you
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