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Mumbai: Reduction of property tax on offices in South Mumbai

As the Brihanmumbai Municipal Corporation have revised the system to calculate property tax for offices from Colaba upto Mahim or Sion, people will pay relatively less amount of property tax. Previously the tax was calculated on the rateable value based system. Now it will be based on the capital value.

 

The main difference between the two systems is that while the former took into account rental value of the property the latter only takes into account the value of the office space which has been occupied. This change is done considering that high property tax besides high rental value is the reason why many corporate offices have shifted their operations from South
Mumbai.

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