New property tax proposal cleared by Nagpur Corporation
The Nagpur Municipal Corporation (NMC) general body has passed the proposal to implement the new property tax system based on the capital value of properties. The assessment value has been fixed at 0.1 per cent of the capital value.
The final report will be submitted to the general body after forming an all party committee by the NMC along with inviting suggestions and objections on the latest tax system. The proposal will be sent to the state government for implementation after general body pass the resolution.
Once the government gives its consent, revaluation of the properties will be conducted. The capital value of the properties will be calculated based on ready reckoner price and five factors, including nature and type of building, age of building, floor, category and built up area.
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