On failing to do so, the civic body plans to levy a penalty, wherein you will have to give 2% of the pending amount each month.
The civic body has also announced that citizens would get 21 days within which they can write to the BMC if their property has been incorrectly classified in the records.
According to the rules of the new system, property tax paid by residential properties can double, while tax for commercial properties can increase three times.
However, the civic body has claimed that only 17% of the residential properties are going to pay more tax, while 59% will pay the same amount.
Officials from BMC’s assessment and collection department said extending the deadline was not under consideration yet.
“But we will wait for the public to react to the bills they have been sent. If there is too much public pressure, we might agree to extend the deadline,” said an official, requesting anonymity.
Factors that determine the capital value of your property include user category, base value, nature of the building, floor number etc.