FRTWA opposes property tax plan

Mumbai, June 27: The Federation of Retail Traders' Welfare Association (FRTWA) today announced that it had decided to oppose the proposal to introduce a new system of property tax in the city.

The Assoociation, in a release here today, said a bill proposing the hike property tax will be introduced during the monsoon session of the legislature.

''The new system will result in a massive increase in property tax for old properties. For instance, tax on residential properties in D and C wards might be over Rs 4.25 per sq ft each month. This will be about 60 times more against the present rate,'' said Viren Shah, joint secretary of the Association.

There will be heavier burden on commercial premises and the rates may rise to 240 from 180, he added.

Currently, the tax is levied on the rateable value of the property, whereas in the proposed system it will be based on the market value.

UNI