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PROPERTY TAX TO BE VALUED DIFFERENTLY

The age-old system of charging stamp duty based on the ready reckoner will be obsolete in a matter of months with the value of property calculated on the basis of several tangible locational advantages and disadvantages. The inspector-general of stamps and registration has submitted a report to the state government recommending that the value of property be henceforth calculated on the basis of several tangible locational advantages and disadvantages that actually contribute to its value in the real estate market. If approved, the property tax would be calculated based on the availability of amenities, its distance from the railway station, the scope for further development, status of title and floor-space index, among other factors. If all these aspects are taken into consideration around Es 2000 cr can be mobilised from stamp duty. Nilofar Shaikh – NMTV News.

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