The municipal corporation has revised the base for
calculating property tax to carpet area from the current built-up space
system
The Brihanmumbai Municipal Corporation (BMC) has approved the
revision in the structure of property tax for Mumbai, the country's most
expensive real estate market. The standing committee of the municipal
corporation, in a special meeting held on Thursday, approved the
revision in the base for calculation of property tax to carpet area from
the current built-up space.
The move is expected to increase the property tax collection by 14.5% in 2015-16, against around 27% estimated as per old rules.
The move is expected to increase the property tax collection by 14.5% in 2015-16, against around 27% estimated as per old rules.
The revision will be applicable for the next
five years with effect from April 1, 2015. The revision in property tax
rules will help the civic authority collect revenue worth Rs 4,563 crore
in 2015-16 (April-March).
With the old structure based on builtup area,
BMC is estimated to collect a total of Rs 3,984 crore for the financial
year 2014-15.
As per the old tax structure, BMC was estimated to collect revenue of Rs 5,077 crore in next financial year of 2015-16, an increase of Rs 1,093 crore, while the revised rule will fetch Rs 579 crore in property tax.
As per the old tax structure, BMC was estimated to collect revenue of Rs 5,077 crore in next financial year of 2015-16, an increase of Rs 1,093 crore, while the revised rule will fetch Rs 579 crore in property tax.
Read entire article on http://mchithane.org/New-property-tax-rules-for-mumbai.html
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