Mumbai: The Brihanmumbai Municipal
Corporation (BMC) has said that property owners who fail to
pay tax by March 31 will face legal action in the form of fine
or auctioning off the property.
Issuing an advisory to the effect, the BMC said if an
owner of property fails to pay property tax by the deadline of
March 31 he must be ready to face legal action that could be
in the form of fine or even seizure and auctioning of the said
property.
For BMC, revenue from property tax is the second
largest source of income after octroi. The civic body is
expected to achieve its target of Rs 2,800 crore in taxes till
March 31.
The BMC is currently lagging behind by Rs. 600 crore
from its targeted tax receipts of Rs. 2800 crore, BMC
officials said.
The civic body is in the process of changing the
system of calculating property tax from rateable value to
capital value to bring about parity in computing tax in the
island city and its suburbs. The new calculation will become
effective with retrospective effect from April 1, 2010.
PTI
First Published: Tuesday, March 22, 2011, 18:57