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KMC set to initiate new property assessment system

No Comments Sub Category:Kolkata,Municipality,Property Tax,Realty News Posted On: Jul 12, 2012

The Kolkata Municipal Corporation (KMC) is set to introduce a new system for property tax payment which is believed to ease out the method of tax-paying and generate more revenue to the government.

The new method denies visits of corporation inspectors as they are presently doing. The tax-payers will have to make a self-assessment of their properties and fill in the “self-declaration” forms sent to them by the KMC for annual valuation (AV) of their property.

KMC will charge 10% of the annual valuation of the property, which will be revised every six years. This is applicable only if there is been no addition or alteration of the property between two assessment years.

This move leans towards unit area-based assessment system instead of the existing general revaluation (GR).

Those who agree to a flat 10% hike on AV will be sent a revised tax bill while for the assessees who have made changes on their premises will be sent a fresh tax bill based on their declarations.

In case anyone fails to submit the objection form, then they will be forced for special hearing by the KMC-appointed officials.

To read more real estate news:

Noida RWAs to carry out servant verification survey

Buyers demand transparency from realtors, authority

Source: The Times of India

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