Property tax to go through reforms in Thane
The Thane Municipal Corporation (TMC) is all set to reform property tax structure. Determined to go ahead with its plans to assess property tax based on capital value of structures, the civic body is likely to vie for reforms in the tax structure.
TMC’s legal department will file a signed affidavit that is to be filed in the High Court. The civic administration is ready to take the necessary initiatives as its lawyers will argue its case in the court.
The reforms initiative were proposed in March and the proposal was made to calculate tax on properties based on the prevailing ready reckoner rates, as against the rental rates.
To read more real estate news:
Accounting standards for real estate sector to change: Revenue Department
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