The proposal on property tax deferred, BMC

Mumbai: The standing committee of BMC on Thursday has withdrawn the proposal of fixing the weightage and rate of property tax under the new capital value of the property, pertaining to upcoming civil elections this step has been taken sources said.
According to the predictions of civic administration had anticipated a political move to disallow the system to be introduced ahead of the elections scheduled in the next year’s Feb.
The system which has been proposed by authority will calculate the tax on the basis of the contemporary rates of property market (the capital value) based on factors such as price, area, age, and the type of property. In the current scenario the Mumbaikars are levied on the rental basis of their property, or property tax calculated on the basis of the hypothetical rent it would fetch.
In the aftermath of the deferment of proposal of property tax suburban citizens of will have to wait longer to get relief from high property tax.

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