Written by 12:14 pm Business Views: 0

Delhi Property Tax Rates Likely To Go Up Marginally

Property tax rates may go up marginally in Delhi if the report of the MCD’s fifth Municipal Valuation Committee (MVC) is implemented which recommends a 37 percent increase in base unit area value, officials said on Wednesday.

The fifth MVC has submitted its interim report to the MCD, and it has now been put in the public domain to invite feedback.

Property tax in Delhi will increase marginally after the report of the fifth MVC is implemented. The report is yet to be implemented as public comments and observations have been invited. A public notice in this connection has also been published.

The civic body also issued a statement saying the base unit area values were recommended by the first MVC in 2004 which has remained unchanged for the last 18 years.

Studying the trends of inflation using various indices, the committee has recommended increasing the base unit area value (UAV) by 37 percent which otherwise is only a small part of the rise in actual inflation witnessed during the last 18 years.

It said the fifth MVC has recommended: “no change” in the current categorization of colonies. However, considering the development taking place in recent times in the city, it has been recommended the airport authority area, including Aerocity, be marked a separate colony and put in the category ‘D’.

Colonies in Delhi have been divided into eight categories from A to H. A and B category colonies comprise posh areas, C and D middle-class neighborhoods, E and F lower middle-class areas, and G and H unauthorized colonies.

The base unit area value for A-category colonies will go up to 800 from 630, for B-category colonies, it will now be 680 instead of 500, while it has been raised to 550 from 400 for C-category colonies.

Similarly, the base unit area value for D-category colonies has been increased to 440 from 320, for E-category colonies, it will now be 370 instead of 270, while it has been raised to 310 from 230 for F-category colonies. This factor has been increased to 270 from 200 for G-category colonies, while it will be 140 instead of 100 for H-category colonies.

The base unit area value factor is one of the multiple factors used in calculating property tax in the areas under the MCD’s jurisdiction. To encourage sustainable and scientific disposal of solid waste in the city, the committee recommends a five percent rebate to such colonies or societies for the disposal of 100 percent of wet waste throughout the year.
~END~

(Visited 1 times, 1 visits today)
Close