Property Tax Mumbai

Property Tax Mumbai works on the Mumbai Provincial Municipal Corporation Act, 1949. In Mumbai city the owners need to file property tax returns annually. The property tax return form will ask for detailed information on the size of the property, its location, age of building etc. The Municipal Corporation of Greater Mumbai also known as Brihanmumbai Municipal Corporation (BMC) has its official website on property tax and is one of the richest corporation in India.

 

The property tax in Mumbai which was introduced in 1982 based on the rateable value system will change and New system will be based on capital value. It will be introduced in phases across the city. In the new capital value system, the value (a percentage of which will be the property tax) will be based on the actual property value. The figure will be mostly based on the stamp duty Ready Reckoner which the government brings out every year. Once the market value is decided, this market value will remain constant for 5 years.


The Mumbai city is divided into wards and property tax rates are fixed ward-wise by Mumbai Municipal Corporation.Bombay Municipal Corporation (BMC) Act is used to calculate property tax. According to this, property tax is calculated on the basis of the rent the property is likely to earn. Last year, the state government had issued an ordinance to facilitate the implementation of the capital value-based system for computing property tax. In the new capital value system, the value (a percentage of which will be the property tax) will be based on the actual value of the property. The figure will mostly be based on the stamp duty Ready Reckoner.

 

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Realestate Listings for Property Tax Mumbai

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Posted On: Oct 30, 2014
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Articles related to Property Tax Mumbai

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News and Stories related to Property Tax Mumbai

Posted On: Oct 29, 2014
of fine living in Mumbai since launch. The project developed by the leading real estate developer SD Corp
Posted On: Oct 29, 2014
located at Boisar, at the suburbs of Mumbai. Anita Arjundas, Managing Director and CEO of Mahindra
Posted On: Oct 29, 2014
Realty News MNC Mumbai KERC Infosys coming up at Gujarat chennai real estate projects allocation of funds Vizag metro rail project
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Hospitality Group already hold two properties in India at Jaipur and Gurgaon, and with this new plan as the first phase. This includes Park Regis in Jaipur and Goa and Leisure Inn in Hyderabad and Mumbai . In Mumbai, the commercial capital of India, they are planning for 2 properties. The funding will be done by Staywell for the upcoming project manages 34 properties around the Asia Pacific region with Park Inn and Leisure Inn as their high profile
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Apartment Projects for Property Tax Mumbai

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