MCD nod to higher property tax rates
Residents living in MCD areas will have to pay more property tax now as the civic agency on Monday gave a nod to the proposed higher rates while passing an over Rs 6,000 budget for 2010-11.delhi Updated: Feb 08, 2010 21:45 IST
Residents living in MCD areas will have to pay more property tax now as the civic agency on Monday gave a nod to the proposed higher rates while passing an over Rs 6,000 budget for 2010-11.
Finalising the budget estimates at a meeting of the corporation, Leader of MCD House Subhash Arya announced that the hike in property tax rates is being given a nod, albeit with some revisions.
While the MCD Commissioner proposed across the board five per cent hike, the Chairman of MCD Standing Committee R K Singhal during the presentation of the estimates said the hike will be two to three per cent, which has been further reduced by Arya in some categories.
According to the final proposal, the tax rates for residential properties have been increased from 10 per cent to 12 per cent in categories A and B and from 10 per cent to 11 per cent in categories C, D and E. The hike will be from six per cent to seven per cent in categories F,G and H.
For non-residential properties, the hike will be from 10 per cent to 15 per cent in categories A and B, from 10 per cent to 12 per cent in C,D and E while for F, G and H the rates have been kept untouched (10 per cent).
The corporation rejected a proposal for imposition of professional tax.