Bill passed to change property tax calculation system in Mumbai
The civic body in Mumbai has passed a bill to change the property tax calculation system from ratable to capital value based on urgent need.
However, the corporators of the city have to say that there was no urgency to do the same.
The corporators stated that most of them didn’t know about the proposal and the agenda of discussion.
The chairman of the standing committee stated that the proposal has already been passed viewing that there were no opposition to it.
According to the BMC Mumbai, around 3.87 lakh properties will get benefitted from the tax reduction, whereas 2.75 lakh properties will face a higher rate of taxation.
To read more real estate news:
Drop a mail to BMC Mumbai to resolve your property tax query
New property tax rules for Mumbai property
Source: The Times of India
agenda of discussion, BMC, BMC Mumbai, Mumbai, Mumbai property tax, Mumbai property tax calculation, Mumbai property tax calculation system, Mumbai standing committee, property tax, property tax calculation in Mumbai, property tax calculation system, property tax calculation system in Mumbai, Standing committee
