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New BMC property tax system yet to get guidelines

No Comments Sub Category:Mumbai,Property Tax Posted On: Feb 10, 2013

With the new property tax system in place, Brihanmumbai Municipal Corporation (BMC) is yet to frame guidelines to decide on weightages needed for calculation of the tax.

For buildings with multiple-age and construction types, deciding on the weightages is one of the crucial parameters for calculation of the tax. A weightage is defined as the capital value of a building fixed by the civic body based on several factors such as age.

However, the residents claim that they have been receiving property tax bills on the properties in Mumbai with inflated rates without any guidelines.

Furthermore, the RCC buildings and the new constructions have to pay higher tax. There are around 5000 such properties in Mumbai. The civic body has clearly failed to anticipate that the absence of guidelines could lead to such serious blunders in its calculation.

In many instances, the civic body has added the whole building under a common age factor which has led to many miscalculations. They should have applied different age factors. Civic officials admitted that the guidelines for such structures are yet to be decided.

The civic body has said that it has to finalise the guidelines to fix weightages for buildings with multiple-age and multiple-construction types.

However, around 81 % of the properties in Mumbai remain unaffected from the recent hike in property tax. Also, with the new capital value-based property tax system in place, the citizens have been unhappy regarding the same and many plan to contest in High Court.

Further, for 27% of the residential properties in Mumbai, the tax bills have already been reduced as compared to the old rateable value-based system.

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New BMC property tax system yet to get guidelines

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