Which city are you from? Please select city here.

Rs , sq ft

Removed from Shortlist

My Shortlist ()
View All Shortlist
Keep track of your shortlisted properties here. Shortlist a property to get started.
Home › Guide › News › New BMC property tax system yet to get guidelines

New BMC property tax system yet to get guidelines

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

TaxWith 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.

Click here for related forum discussion

Related Real Estate News:

81% of properties in Mumbai remain unaffected from property tax hike

Mumbai residents against property tax plan to move HC 

BMC plans to gift health insurance for paying property tax

Tags:

, , , , , , , , , , ,

Leave a Reply



CommonFloor Property Search Mobile App now available on Android, iOS and Windows!

Disclaimer : Commonfloor.com cannot be held responsible for the accuracy of data displayed on the site. Commonfloor.com does not claim any guarantee and it should be individualistically verified.


About About Us Our Blog Data Security Apartment Management Software Contact Us CF vs. Email Groups Testimonials Cancellation & Refund Policy Privacy Policy Terms of Service
Popular Pages
Realestate in Bangalore Realestate in Noida Realestate in Gurgaon Realestate in Greater Noida Realestate in Ghaziabad Realestate in Faridabad Realestate in Delhi NCR
Apartment Communities Bangalore Apartments Mumbai Apartments Pune Apartments Chennai Apartments Delhi Apartments Hyderabad Apartments Kolkata Apartments Ahmedabad Apartments Kochi Apartments
More.. Real Estate Agents India Real Estate News Site Map Create a CommonFloor Apartments in Gurgaon Apartments in Greater Noida Apartments in Ghaziabad Apartments in Faridabad Apartments in Delhi NCR Apartments for Sale in Noida Apartments for Sale in Gurgaon Apartments for Sale in Greater Noida Apartments for Sale in Ghaziabad Apartments for Sale in Faridabad Apartments for Sale in Delhi NCR


Copyright © 2007-25 CommonFloor.com. All rights reserved.


Visalatchi Enclave Phase II, Legacy Celino, Unitech Uniworld Resorts, Sobha Elite, The Gran Carmen, CVK Kailasagiri, Lodha Meridian, Century Breeze, AMI Le Reve, Vatika Premium Floors, Civitech Stadia, Anta River Valley, Parth Gardenia, SMR Vinay Fountainhead, Yuga Kalpataru, Paras Manyata Phase I, Pashmina Waterfront, Opera Fortune, Indi Gold, Unitech Vistas Phase II,