Mumbai: Property tax will be revised in 2 yrs

Be prepared to face another property tax hike in the next two years. The civic body had claimed that under the new property taxation system, taxes would increase once in five years. Kunal Purohit reports.

Be prepared to face another property tax hike in the next two years. The civic body had claimed that under the new property taxation system, taxes would increase once in five years.

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But the rate revision will happen in 2015 as the BMC has considered April 2010 as the year in which the new system officially came into effect.

The BMC last year switched from the rateable value system of property tax to the capital value system.

Under the new system, 19% residential properties are facing a two-fold hike in rates.

Those whose taxes haven't increased will also face a hike in 2015. The BMC may also revise its rules.

Rajiv Jalota, additional municipal commissioner, said, “The proposal will be tabled before the standing committee and the corporation for approval."