Watchdog for property taxes soon
The state Cabinet has decided to introduce a state property tax corporation, which will keep a watch over how municipal corporations and councils compute and assess taxes.mumbai Updated: Mar 10, 2011 01:55 IST
The state Cabinet has decided to introduce a state property tax corporation, which will keep a watch over how municipal corporations and councils compute and assess taxes.
It will also hear complaints related to property evaluation. Chief minister Prithviraj Chavan announced this on Wednesday, after the weekly Cabinet meeting. The government will bring a bill proposing this in the forthcoming budget session. The state also decided to delay the implementation of the new capital value-based property tax system until March 2012.
The new tax system would mean those living in the island city will have to pay twice the property tax they currently pay because the market value of property there is high, while those living in the suburbs will end up paying 15 to 20% lesser tax. The proposed tax structure was met with opposition from residents of the island city.
The Congress-led state government did not want to antagonise people before the 2012 civic polls and decided it was best to postpone the implementation of the new system.