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PROPERTY TAX TO DOUBLE IN ISLAND CITY

prop-taxProperty tax in the island city from Colaba to Sion and Mahim will double from the next financial year. But many residents, who live in old buildings, have little to worry about as they currently pay a measly 50 paise per sq ft. Property tax in the island city from Colaba to Sion and Mahim will double from the next financial year. Besides, for houses less than 500 sq ft, there will be no change in property tax. While the new capital value-based system will be introduced in the island city initially, it will be implemented in the suburbs a little later. Property tax is the second largest source of revenue for the MCGM. Last year, the civic body earned Rs 2,059 crore in revenue from property tax. The MCGM has prepared a digital map of the city, mapping all 3.15 lakh buildings. It will use the maps to prepare the new property tax bill. Under the new system, property tax will be charged based on the age of the building, type of construction and usage. The civic body will soon appoint an agency, which will survey every building to ascertain the exact area, age and other factors. This information will then be super-imposed on the GIS map. Once the values are known, it will be easy even for citizens to calculate their property tax. They can then make the payments online. Only in the case of a dispute, where the civic body and the citizen do not agree on the amount, will they need to approach the MCGM. Bureau report – NMTV News.

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