Stung by criticism from elected representatives who have been delaying the final decision on property tax reforms to switch from current rateable value to capital value based system, the BMC has now proposed modifications in the draft plan, hoping to get the pending bill passed.
Rented tenements which are up to 350 sq ft will be excluded and owner occupied properties will get a 50 per cent of tax relief in the proposed capital value based system.
Under the Centres Jawaharlal Nehru National Urban Renewal Mission, the BMC had made a commitment to switch to capital value based system. Though the deadline was March 31, 2008, no decision has been taken so far. Minister for UDD Rajesh Tope had assured that the State Government is firm on the reforms.
More : expressindia.com
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