Building owners to pay arrears from April in Mumbai
Under the newly implemented capital value-based system that was approved last month, owners of buildings in Mumbai, which have come up after 2010 will have to pay property tax arrears from April 2010 in this financial year.
For older buildings also the final bill will be adjusted to reflect the outstanding or refund amount calculated according to the new system. Along with the final bill, the Brihanmumbai Municipal Corporation (BMC) aims to send a special notice that will reflect the property’s capital value.
The special notice will also entail space for objections and citizens will get 21 days to raise objections on the bill, if any. The notice will mention the area of the building for which property tax is to be charged, the new tax that has been calculated, the old tax rate and methodology of the new capital value-based tax.
As the new capital-value system is being approved by the standing committee, the BMC is also working on incentives to lure citizens to pay the bills on time.
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Source: Times of India
Brihanmumbai Municipal Corporation, Capital value, capital value-based tax, Mumbai, property tax, Realty News, Standing committee, tax bill
