In a decision that will benefit residents of flats up to 500 square feet in the city, the joint select committee of the state legislature on Tuesday decided to exempt such houses from a hike in property tax when the capital value-based system comes into force in Mumbai.
Sources said a joint select committee on Tuesday gave its nod to a draft bill to amend the Mumbai Municipal Corporation (MMC) Act, 1888, subject to modifications. This is likely to come up in the monsoon session of the state legislature starting July 16.
The committee members have recommended that a cap on a hike in the property tax for housing units with a carpet area of 500 square feet or less be imposed for the first five years — this would exempt the poor and middle class from any hike in the tax after the new system comes into force.
More : expressindia.com
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