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NMC increases property tax by 25%

Comments(3) Sub Category:Other cities,Property Tax,Realty News Posted On: Jul 16, 2012

The Nashik Municipal Corporation (NMC) has planned to hike the property taxes for commercial establishments by 25 per cent exempting residential properties from the tax hike.

The tax hike will come into action from the next financial year 2013-14.

The standing committee chairman Uddhav Nimse cancelled NMC’s proposal to raise house and water taxes for residential properties and gave consent to house and water taxes for commercial properties.

Commercial tax will be levied on petty businesses run in residential properties, such as beauty parlours, coaching classes, tailoring shops, grocery stores, music classes and professional consulting offices of lawyers, chartered accountants and doctors, added Nimse.

To read more real estate news:

Corruption to be blamed for high prices in Mumbai realty sector

Source: Times of India

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