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 Why we need better property tax systems

Property tax deadline extended by a month
November, 09th 2010

The BMC has increased the period of making suggestions and objections in connection with the proposed circular of evaluation of the new property tax system by a month.

The civic corporation had asked people to give suggestions on its website or at their ward offices or head office within 30 days from October 18 to November 16.

However, having received a mediocre response, the BMC decided to increase the period. "I asked civic chief Swadheen Kshatriya on Monday to increase the period and he agreed," said BJP leader and corporator Ashish Shelar.

The new property tax based on the capital-value system will be applied with retrospective effect from April 1, 2010. It will be based on the property`s current market value as well as give weightage to five other factors including area of flat, age of building, usage of land and type of construction.

Earlier, property tax was computed on the basis of rent paid by tenants. The civic body decided to change the capital value-based property tax system in order to bring about parity in taxation.

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