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New property tax based on five factors
September, 11th 2012

The Nagpur Municipal Corporation (NMC) is heading towards the final stage of implementing the new model of calculating property tax, which is popularly known as ready reckoner based property tax, but is in fact a capital based property tax.

In the new model, NMC has created various categories of taxpayers according to the difference in location of property. The general body in its next meeting will discuss and decide the fate of property tax's new model. The meeting is likely to be held next week.

The new model will increase property tax for majority of taxpayers but ensure that the hike is not over two times for residential and three times for commercial taxpayers due to a cap system. However, the model will bring transparency and various other benefits to taxpayers as well as NMC. Considering all these, the general body may approve the model, which have been delayed by two years already.

According to data available with NMC, property taxpayers were earlier divided into only three categories, open land, residential and non-residential. Under the new model, there would be four 'head categories', open land, residential, commercial and industrial. Under each head category, there would be various categories. The property tax will differ according to the subcategories due to weightage system. There will be 16 subcategories in open land, 10 in residential, 47 in commercial and seven in industrial. These will subcategories will be called user category.

As predicted in initial stages, the property tax will not be assessed only on ready reckoner value of the property. Five different factors will be taken into account, taking the ready reckoner value of a property as the base for assessment of property tax. Besides user category and built up area, the property tax will also factor in three other factors, nature and type of building, age of building and floor. The weightage is different for each factor.

Though it may seem as very complex, the common man can also assess his property tax in the new model. But the main motive of the new model will not be met unless revaluation of properties is done. It will be interesting to see whether NMC achieves its intent on this front, since it has been unable to complete revaluation of properties in the last over five years.

 
 
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