In order to eradicate the un-uniform property tax structure that is applying to the suburbs and island in Mumbai and will be replaced with an implemented uniform property tax system at the earliest, by the Municipal Corporation of Mumbai . This property tax structure works on the guidelines of local Municipal Corporation Act, 1949, under various types of property tax systems and the public places such as sacred places; places meant for charity and cremation have exemption from the property tax.
The city municipal corporation has fixed property tax according to the wards that have been formed. On considering the area, the assessment of property tax will be done. Based on the purpose and utility of property various types of property tax will be applied. To give instance, properties like education institutions, charitable institution, and vacant land and so on. On the estimation of total earnings from rent of a building, the property tax will be decided. The assessment of the property will be evaluated after deciding the property tax that is to be paid.
Mumbai Property Tax Rules
Even the properties are given for rent; the owner of the property should bear the responsibility of paying property tax on annual basis. In a prescribed application form, the following details should be furnished. The total site measurement, size of the building, locating area and age of the constructed property are the main information that should be filled in the application form.
Being one of the richest Municipal Corporation in the country, it is maintaining its official web site on property tax. Information can be collected through the official property tax web site of the Municipal Corporation of Mumbai . The time falls twice in a year to the pay the property tax in Mumbai , i.e., initial installment by 1st of April of the fiscal year and the later installment will becomes due on 1st of October.
The BMC will also offer some concession to the taxpayers, if paid as per schedule.
If the land taxes are paid later than specified time, demand notice is issued to unpaid land owners and a extra 15 days time is provided if the dues are not paid, then the officials take legal steps and a notice is sent concerning penalty charges of the particular property or else the land is seized by Municipal Corporation involving unpaid charges on the property .
In case, a newly purchased property is to be transferred land tax is to be paid and without any legal problems handed over to the purchaser and the legal formalities are done in order by the officials of Municipal Corporation in Mumbai and the necessary fee is collected. If the possessed documents are not lawful and the legal charges and the trouble some problems are to be cleared and transferred to the purchaser. The excess amount of charges collected by the officials is considered as penalty charges to be paid from the year it is unpaid and go ahead with the property contract.
Even one can have the advice regarding the property tax payment by the reputed consultants in Mumbai . The consultants will also give legal assistance, in case of court dealings about the property .
In case of discrepancy of property matters, the consultants will make appeal to the court to obtain justice towards the property owner. Even the societies that are located in all wards cooperate in your property tax matters, in case of miscalculation by the Corporation people; they will appeal to the Municipal Corporation of Mumbai to get proper relief. One can get the banker cooperation to pay the property tax in time, in order to reduce the burden. The availed loan amount could be paid to the bank on easy installments. To get rid of the entire burden cooperate the Municipal Corporation to implement the public service programs, the better solution is to pay the property tax in time.
Even Online payments are made to make inhabitants comfort and the trouble free task of the officials are reduced or if you are a new user log on to the official site of Mumbai Corporation and follow the links provided on it.