NDMC to hike property tax by 3%
New Delhi- The latest proposal initiated by the civic body is the hike in property tax by 3 percent. This property tax hike will result in residents of New Delhi Municipal Corporation (NDMC) paying double tax from next fiscal, followed by an increase in property valuation.
However, the budget of 2013-14 is expected to hike the parking fee regime based on hourly billing system replacing the current policy. Residents under the jurisdiction of NDMC are expected to pay the additional parking fee.
Apart from the property tax hike, the latest budget has provisions to introduce a medical college which will be the first college by the civic body. The civic body has also introduced an association named Mahila Haat, which can encourage women entrepreneurs.
With the release of the budget proposal, Mahender Nagpal , the leader of House of North Municipal Corporation, (BJP) reacted by stating that the civic body will not pass the proposal to increase the property tax as his party had promised a policy.
Talking about the budget proposal of 2013-14, P K Gupta, the NDMC Commissioner stated that they will generate an additional sum of Rs. 200 crore with 3 percent hike in the property tax. He also said that the Municipal Evaluation Committee came up with the decision of increase in tax and valuation of property. Since the value of the property, vacant or constructed buildings were hiked back in 2003; they will be hiked in the coming year.
The recent budget proposal has an increase of 15 percent from 12 percent for all the A and B category residential properties and 15 percent from 11 percent for C, D and E colonies followed by an increase of 10 percent from 7 percent for F, G and H colonies.
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