Mumbai, May 2 (UNI) Brihanmumbai Municipal Commissioner (BMC) Jairaj Phatak today said the corporation would undertake new reforms in the property tax, as it is the second largest source of income for the corporation, by May 25.
Speaking to reporters here today, Mr Phatak said the total property tax collected by the department last year was Rs 1,994 crore and they were hoping for a rise of 10-15 per cent in the same.
''The revenue of octroi has increased by 20 per cent, and the total amount collected was Rs 4,252 crore and we expect an increase in property tax,'' said Mr Phatak.
Joint Municipal commissioner V Radha, who is in-charge of the revenue, said the department would bring simplicity, uniformity, transparency in the collection of property tax and would display the business rules on the Municipal websie by May 25.
''Deliberations will be held with the various groups as well as different institutions till June 30, after which the final rules will be declared by July 1, which will lead to self-assessment system,'' she said.
The corporation plans to have a uniform and similar slab of property tax all over the city to bring a uniformity in arriving at a rateable value, which has been broadly classified under land and building as new construction, properties governed under Rent Control Legislation, leave and licence premises and are further classified.
It may be noted that the corporation had different rates of property tax in different areas of the city, leading to difficulty in calculation of the property as per the ready reckoner rate, which will be cleared and eased to some extent after the reforms in the property tax.
UNI JN SSS VKG1720