NDMC: Property Tax Expected To Be Hiked In North Delhi

By: Natasha Mahesh, 2016-03-17 05:45:00.0Category:  Awareness
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Owners of residential as well commercial properties in North Delhi might have to shell out extra money soon. With North Delhi Municipal Corporation (NDMC) giving a nod to the Third Municipal Valuation Committee report on Wednesday, a hike in property tax can be expected in the near future. NDMC accepted the provisions of the report that also mentions about increasing the property tax for both residential and commercial properties. The committee has proposed increase in property tax of colonies and settlements, especially near railways. It may be noted that last month when financial crisis in Municipal Corporation of Delhi (MCD) had paralysed life in the city, the Delhi government had recommended hike in property tax over the next two months. The hike will also help the civic body in managing the financial crunch, it was higlighted during the meet. Currently, property tax is collected based on per unit area according to provisions laid in the First Municipal Valuation Committee. The second Municipal Valuation Committee report was rejected by the civic body in the year 2007. The report is expected to be submitted in the house next month.

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