Civic-body seeks more time to implement capital value-based property tax system

By Accommodation Times Bureau

On this Wednesday the state cabinet has directed to the Brihanmumbai Municipal Corporation (BMC) not do any changes in levying property tax based on the rateable value-based assessment for current fiscal year. The corporation authorities still need some more time to implement the capital value-based property tax system, which was scheduled for adoption in the first quarter of 2010.
In the aftermath of this BMC will keep on distributing bills for forthcoming fiscal year, based on rateable values — the notional rent that a property could earn — fixed in 2009-’10. The civic body is still seeking more time to implement its business regulations for new system. And on a high level approved to be more balanced system and several experts anticipating it will bring hundreds of crores into BMC’s treasure.
Whereas, the BMC suggesting to keep continue with the old system of tax assessment is supposedly in the form to conclude rates of tax and to gather accurate data of properties.

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