NMC inching towards implementing new property tax model
Nagpur Municipal Corporation (NMC) is on its course to implement the new model of calculating property tax. The proposed model is known as ready reckoner based property tax, which is in reality a capital based property tax.
NMC has created various categories of taxpayers according to the respective location of each property. The scheduled general body meeting will discuss and seal the fate of property tax’s new model.
The new model will reportedly increase property tax for majority of taxpayers but ensure that the hike does not exceed over two times for residential and three times for commercial taxpayers.
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