BMC panel for new property tax

The new property tax system will not be enforced till at least July, as the municipal corporation has appointed a committee to formulate rules and provide suggestions for its implementation.

The new property tax system will not be enforced till at least July, as the municipal corporation has appointed a committee to formulate rules and provide suggestions for its implementation.

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On Wednesday, the standing committee cleared the proposal to appoint a three-member committee to devise rules for the new property tax and submit its report in six months.

Citizens will also be invited to post their suggestions and objections. Bharatiya Janata Party leader Ashish Shelar demanded that a postbox number or website be set up for citizens to post their suggestions and objections.

The committee comprising retired principal secretary D.N. Chaudhary and architect Roshan Namawati will be headed by former municipal commissioner D.M. Sukthankar.

Instead of the current rent-based system, the new property tax will be based on the capital value of the property, which will depend on various factors such as the area of the building, usage of the building, age of the building and the type of construction.

Under the new tax system, residents in the island city will have to pay double of what they are currently paying, while

suburban residents will enjoy relief of about 25-30 per cent.