The standing committee of North Delhi Municipal Corporation has proposed a reduction in property tax rate to 15 percent for residential farm houses, from the 20 percent rate suggested earlier.
New Delhi: The standing committee of North Delhi Municipal Corporation on Saturday proposed a reduction in property tax rate to 15 percent for residential farm houses, from the 20 percent rate suggested earlier during the annual budget presented by the NDMC commissioner.
The committee made this decision while finalising the revised budget estimates for 2015-16 and budget estimates for 2016-17.
As per budget estimates for 2016-17, property tax rate on residential farmhouses was proposed to be 20 percent which was lowered by the standing committee to 15 percent. For non-residential farmhouses, the proposed property tax rate has been kept intact at 20 percent, the NDMC said.
In case of residential properties, the rate has been maintained at 14 percent in case of 'A' and 'B' categories of colonies, 12 percent (C,D and E) and 7 percent (F, G and H categories).
The proposed tax rate of 15 percent for non-residential properties, including doctors' clinics and industrial properties measuring less than 150 sqm, has been revised to 12 percent in case of 'G' and 'H' categories.
The rebate on payment of full tax on property by June 30 of the year will now get 10 percent rebate instead of the existing 15 percent.
The existing 30 percent rebate on property tax in case of senior citizens, women and physically-challenged persons, owning singly or jointly-covered property on 100 sqm, has been revised to 20 percent.
The rebate to Cooperative Group Housing Societies on one-time payment of property tax has also been revised from existing 20 percent to 10 percent.