MCD introduces flat property tax rates; applicable from July 16



The Municipal Corporation of Delhi (MCD) has introduced new property tax rates to standardize the rates after the merger of civic bodies in the nation’s capital.

The new property tax rates will apply from July 16 and no additional surcharge will be levied on taxpayers who have already paid their taxes, provided they have not underestimated the taxes to be paid.

Along with this, instructions have been issued to all Regional Property Tax Officers to prepare an online database of all properties that fall within the jurisdiction to pay tax at the earliest so that the revenue from the company can be increased.

The MCD has also prescribed different utility multipliers for different types of properties. Four for entertainment and club, for banquet hall, ‘Barat Ghar’ (six), for school, college, medical school, engineering school run or aided by government or a local body (one), for private and private educational institutions (three), for non-residential properties (two), for professional and commercial use, and three for industrial use.

The civic body has decided to levy a property tax at the rate of 12% for residential colonies of categories A and B, 11% for residential colonies of categories C, D, E, 7% for residential colonies of categories E, F, G.

Whereas, for non-residential properties up to 1500 square feet, the property tax rate has been set at 20% for categories A, B, C, D, E and 15% for categories E, L, F, G.

Non-residential properties over 1,500 square feet were prescribed property tax at a flat rate of 20%.

Land tax on industrial properties was prescribed at a flat rate of 15 per cent.

Property tax will be payable at the rate of 20% for covered land for airports and adjoining properties, and at the rate of 15% on open spaces such as runways, taxiways, aircraft parking lots, and 10 % on land beyond. this.

During this time, property tax on residential and non-residential farms will be payable at the rate of 20%. In addition to the above rates, an education tax of 1% will also be payable.

–IANS

msk/shs

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor


Source link

Comments are closed.