BMC introduces new Property tax
Brihanmumbai Municipal Corporation (BMC) has introduced new property based tax system that would hit the vacant ownership as well as self-occupied properties in the Mumbai city. This property tax exemption holds good both for owner as well as the tenants of the new buildings in both residential and commercial segments. The property tax percentage is said to be levied on amenities such as dry balcony, gymnasium and swimming pool and this will add on to the cost of every buyer. This intern hits the raise in rentals at apartments and individual resident houses. According to BMC property tax would be calculated at 0.41% for the residences wherein metered water connection is provided, 1.95% on the offices and 3.91% for the banks. However the tax rate would be high on the old buildings which do not support occupation certificate and water connections. This property tax is calculated based on the market value of the buildings.
However at present Mumbai residents are charged based on their property rental value. BMC’s chief collector S Hatkar reported saying that the government is likely to balance the hike as it would not affect the residents much and he also ensured that the residential property is protected from the hike. Meanwhile the Civic Act has not yet specified the reasonable rate at which the tax on property is calculated.
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