New property tax structure from October

The civic body’s plan to change the property tax structure got a nod from the general body of elected representatives, on Wednesday.

The civic body’s plan to change the property tax structure got a nod from the general body of elected representatives, on Wednesday.

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From the current rateable value system of calculation, the property tax structure will be changed to a capital value system. The new system will be applicable from October. The data required to calculate the value is still to be compiled.

Accordingly, those living in the island city will pay twice as much the property tax they currently pay. Suburbanites, on the other hand will pay lesser — about 70-75 per cent of what they pay now.

The decision is a step further in adopting new property tax structure, which is aimed at rationalising the manner of levying the tax on Mumbaiites.

Civic sources said commercial properties in the island city would have to pay thrice as much the extant amount.