Property Tax Ready Reckoner Published
A book on the municipal property tax on the rateable value system titled “Property Tax Ready Reckoner Mumbai 2009-2010” has been published which divides the whole city into 716 zones and sub-zones illustrated with maps. With the help of this book one can work out the property tax applicable on his property which is classified in ten different uses. According to Dr JM.Phatak, municipal commissioner, this book would be very useful to all architects, valuers and urban planners in Mumbai.
In view of great hue and cry about property tax on capital value system, it was felt necessary to enlighten the citizens about the rateable value system, which is presently adopted. This book gives letting rates of ten different uses, which includes vacant land in city and suburb. Presently property tax on let out property is calculated on the actual rent realized by the owner and not on the letting rates adopted by the corporation, because letting rates of the Corporation is for self occupied properties only. This has created a great resentment because no one knew how the taxes were worked out.
However, once the capital value system is introduced property tax will be the same whether it is owner occupied or leased out. With the help of this book one can work out the present property tax before letting out his property. The rates adopted by the Corporation is based on the Stamp Duty rates, hence it is of utmost importance that next Stamp Duty Ready Reckoner is released with great accuracy.
The book is authored by Santosh Kumar and Sunit Gupta, real estate valuers and sponsored by Rohan Lifescapes. It is published by the Architects Publishing Corporation of India and contains 216 pages priced at Rs.300.
For further details contact:
The Architects Publishing
Corporation of India
Tel: 2883 4442, 2883 5510323