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: Mar 04, 2015
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Articles related to Property Tax Mumbai

Posted On: Mar 02, 2015
in corporate tax and benefits to middle class tax payers have been at the forefront of the new government's property transaction bill to narrow in the
Posted On: Mar 02, 2015
transforming the indirect and direct tax regime, more effective direct transfer of subsidies predictable tax regime which is less adversarial. He has set stage for introducing GST by April 2016, thereby transforming Indirect Tax regime which will help create a common Indian market. Also provided a roadmap for direct tax regime including reduction of corporate tax over next 4 years, deferral of GAAR by 2 years and abolition of wealth
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proposed to be taxed. This is expected to bring a much-needed financial stability in the markets considering the fact that REITs will only invest in the properties which are completed and income
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News and Stories related to Property Tax Mumbai

Posted On: Mar 02, 2015
in corporate tax and benefits to middle class tax payers have been at the forefront of the new government's property transaction bill to narrow in the
Posted On: Mar 02, 2015
transforming the indirect and direct tax regime, more effective direct transfer of subsidies predictable tax regime which is less adversarial. He has set stage for introducing GST by April 2016, thereby transforming Indirect Tax regime which will help create a common Indian market. Also provided a roadmap for direct tax regime including reduction of corporate tax over next 4 years, deferral of GAAR by 2 years and abolition of wealth
Posted On: Feb 28, 2015
proposed to be taxed. This is expected to bring a much-needed financial stability in the markets considering the fact that REITs will only invest in the properties which are completed and income
Posted On: Feb 28, 2015
Budget Delhi Mumbai Industrial Corridor DMIC Project Goods and Services Tax (GST) Real Estate Investment Trusts (REITs) union budget 2015-16 budget 2015 india Budget 2015-16 Housing For All 2022
Posted On: Feb 27, 2015
to increase tourist influx. These include Churches in Goa, Hampi in Karnataka, Elephanta Caves in Mumbai

Apartment Projects for Property Tax Mumbai

Kanakia Sevens
Marol, Andheri East, Mumbai, Maharashtra, INDIA.

Sheth Auris Serenity
Link Road, Malad West, Mumbai-400064, Maharashtra, INDIA.




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