Source:PTI:STAFF WRITER 10:48 HRS IST
Mumbai, May 6 (PTI) Maharashtra Government has imposed capital value-based system to calculate property tax on buildings, lands, houses and establishments across the state.
The new system has been put in effect since April 27.
"The property tax would be calculated on capital value-based system for all the Municipal Corporations, Councils and local bodies," an official from the Urban Development Department told PTI.
The new system 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, the official said.
The capital value-based system would be upgraded every five years but the tax levied would not be more than 40 per cent over the previous years, he said.
It would be liable for the owner of the property to pay the tax within three months, else fine would be imposed.
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