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Reduction in Property Tax for Apartments in Mumbai

The Brihan Mumbai Corporation (BMC) has issued a notice to reduce the property tax for the apartments in Mumbai.

According to the new proposal, the earlier proposed rates of property tax is modified and tax rates are dropped by 30 to 60 percent for the apartments built after 2004.

According to the older rate of property tax, the  apartments in Mumbai  built before 2004,pay less tax than the one built after 2004.

The standing committee of the Municipality has approved the new Property tax rate. In it the base taxes for all buildings will be according to the Ready Reckoner rate system.

The new tax rates will be applicable from April 2012 and those who have already paid extra taxes will get their refund with 6.25 percent interest.

The new rates will affect 6.62 lakh residential units of the 14 lakh in the city. Of the 6.6 lakh units, 3.87 lakh will see reductions ranging from 30-40% and 50-60%. The reduced rates will especially benefit buildings that came up after 2005. Redeveloped buildings will be treated as new buildings.

In the new system of property tax, the citizens will be able to calculate their own taxes and pay them online.

 

More related stories:

Property tax in Hyderabad will be revised

Impact fee is high in Ahmedabad

Source: Times of India

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