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HomeMoney & LoansMCD introduces uniform property tax rates; to be applicable from July 16

MCD introduces uniform property tax rates; to be applicable from July 16



The Municipal Corporation of Delhi (MCD) has implemented new rates of property tax to bring uniformity in the rates after the amalgamation of civic bodies in the national capital.


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


Along with this, instructions have been issued to all the Regional Property Tax Officers to prepare an online database of all the properties which come under the purview of paying tax at the earliest so that the revenue of the corporation 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 college, engineering college run or aided by government or local body (one), for unaided and private educational institutions (three), for non-residential properties (two), for business and commercial use, and three for industrial use.


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


Whereas, for non-residential properties up to 1500 sq ft, the rate of property tax has been fixed at 20 per cent for A, B, C, D, E category, and 15 per cent for E, L, F, G.


Non-residential properties of more than 1500 sq ft have been prescribed a property tax at a uniform rate of 20 per cent.


The property tax on industrial properties has been prescribed at a uniform rate of 15 per cent.


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


Meanwhile, property tax on residential and non-residential farmhouses will be payable at the rate of 20 per cent. In addition to the above rates, education cess of 1 per cent will also be payable.


–IANS


msk/shs


 

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

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