Property 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.
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.
Civic officials, however, refused to commit on the date. In the city, the property tax will only double as the law clearly states that it cannot be more than two times the present tax. In the suburbs, on the other hand, it will reduce by at least 30%,said Anil Diggikar, additional municipal commissioner in charge of civic finance.
More : timesofindia.indiatimes.com
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