News & Views on Indian Real Estate

Monday, August 25, 2008

Property Tax to increase in Mumbai

The State government has announced that revision in property tax as in Mumbai would come into effect before the end of the year. For this purpose, instead of waiting till December when the state Assembly is supposed to pass a bill amending the relevant law to change the property tax assessment system, the government will soon promulgate the ordinance. The amendment to the Mumbai Municipal Act would mean the property tax would go up in the city and reduce considerably in the suburbs. Now, the city will have to pay property tax on the capital value instead of rateable system followed until now.