MUMBAI: On March 19 this year the BMC passed the property tax proposal in which Mumbaikars would have to pay 14.52% additional property tax on an average beginning from April 1, 2015.
The new proposal was passed at the Standing Committee meeting of the BMC despite strong opposition from the Congress party workers.
Also as per the new policy those properties within 500 sq feet which were earlier charged as per rateable value would come under the capital value based system.
However CM Fadnavis on Wednesday tweeted saying that government would not increase property tax for next five years for those who occupy less than 500 sq feet property. This is likely to bring relief to over 17 lakh families in the city who live in such houses.
Source : The Economic Times (ETRealty.com)
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