New property tax system in Mumbai has taken a back bench!
The new property tax system have been stalled for the third time by the civic body in Mumbai.
BMC has stalled the offer to implement the new capital value property tax system.
However, the only ease is that there will be a provision for rebate for the owners who pay the tax on or before the stipulated time.
As per the rebate relaxation, there will be a 2% rebate for those who pay before May 31 for the first half and 4% rebate for those who pay the full amount by July 31.
BMC has plans of making the tax on capital value system basis rather than rateable value system but is waiting for the consent of standing committee.
Source: The Times of India
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BMC, capital value property tax system, Mumbai, New property tax system, property tax, Property tax system
Nice Comment Kishor
Testing
I hv a flat which is continuing to be taxed under commercial category since April 01, 2010. I hv purchased same in June 2011 for residential purpose. However, due to this proposal, the bill was generated at old rates. Now since proposal is rejected, will BMC start system as per old proceess and levy tax under residential category on my flat. how should I pay the tax at commercial or residential now?