Summary:
Every year, there is an increase of 8% to 10%, which means that there should have been a proportional increase in the property tax rates. The ready reckoner rates have increased every year since the capital value-based system for property tax calculation came into force in 2011. The revenue generated through property tax will increase in the next financial year,” said Chaudhari. Most importantly, the tax rates have remained unchanged for the last eight years.“We are completing the survey of properties and have identified some new properties which will be registered for property tax. The civic authorities are of the view that if the property tax on commercially rented properties is reduced, there is a need to compensate for the loss by either increasing tax on the general properties or be managed through other resources.“The property tax is linked to the ready reckoner rates of the properties..