Hi all,
The above-mentioned answers are for calculating property tax in Mumbai, not in Thane. Property tax in Thane can be calculated with the help of the following method (Capital value-based system) Capital value = Base value x Carpet area x Use category x Type of building x Age factor x Floor factor.
Property tax once fixed, will not be revised for 5 years and after that, the increase will be restricted to 40 percent. Residential units with greater than 500 sqft carpet area will pay twice the old tax or tax calculated by new system Residential units with less than 500 sqft carpet area will pay taxes as per old system.
Hello Naved, Here is how BMC calculate property tax. The BMC uses the Capital Value System to calculate property tax. The property tax calculated by the BMC is as follows- Capital value of the property x Current property tax rate (percentage) x Weight for user category
Yes, and it should be noted that Property tax is charged in Mumbai based on the construction of a property, its location, the age of construction and carpet area. Earlier, the built-up area of a property was considered as one of the key components of measuring property value in Mumbai. But, recently, the Brihanmumbai Municipal Corporation revised the parameter of calculating property tax and includes carpet area as one of the key components of calculating your property tax. This new rule will remain effective for the coming next five years with effect from 1st April, 2015.
I am agreed with Ravi. Apart from that, there has been an increase in the fixed rates for properties falling under all categories. The formula for calculation of Capital Value has been changed to include carpet area instead of the built-up area. The formula would now include a product of the Carpet Area and the Ready-Reckoner Rate. There has been a revision in the tax slabs which is expected to result in a 40% increase in property taxes.
Hello Naved, Property Tax may vary from one location to another and there are various other factors that determine the amount of property tax payable, such as the location of the property, Size of the property, Whether the property is under-construction or ready-to-move, Age of the property owner-there may be discounted for senior citizens, Civic facilities provided by the municipal body in the locality, and Gender of the property owner-there may be discounted for female owners.