Property tax rates to spike 14% If a proposal by the Assessor and Collector Department (ACD) is approved by BMC, Mumbai’s property owners will have to pay higher taxes this year. The rate revision had been scheduled for 2020 but the civic body decided to delay it in lieu of the pandemic. The head of ACD told Indian Express that the revision will be implemented for ready reckoner rates which help to assess the true market value of properties. BMC officials have stated that this revision will not impact owners with properties up to 500 square feet and hotels registered…
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