By Apurva Bhatt
If your residential property measures below 500 sq ft than the new property tax system does not apply to you. The BMC decided at the civic general body meeting on Friday that properties below 500 sq ft be excluded from the capital value-based property tax system and it was accepted. As per the new property tax proposal passed at the standing committee meeting on Thursday, the BMC had decided to charge properties below 500 sq ft as per the new system. “This is good news for us. We will save a lot of money,” remarks Ramesh Surti a resident of Chembur who stays in his 300 sq ft flat. The move is expected to benefit around eight lakh households in the city as they will continue to pay property tax based on the old system of ready-reckoner rates. The proposal was tabled before the general body meeting on Friday and passed collectively at the civic general body meeting. But it will be sent to the state government for final approval. The concession will continue for five years if the state government accepts the BMC proposal.
