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Lokmat News NetworkAurangabad, Jan 4:The Brihanmumbai and Navi Mumbai Municipal Corporations have decided to waive off property tax on residential units up to 500 square feet. The guardian minister Subhash Desai, while in the city on Monday, has also hinted at checking the possibility of implementing a waiver in Aurangabad. However, the Aurangabad Municipal Corporation (AMC) are hesitant in implementing the waiver as according to them the reality in the city is different. The majority of the properties under the ambit of property tax are of 500 square feet area or less than it. They claimed that if the order is implemented here, then 80 per cent of the properties, would have to be excluded from the tax ambit. Hence, in terms of the city, it will not be an economically viable deal for the civic body. They also underlined that if the property tax is waived off then does the state government is ready to compensate the monetary loss of the AMC, inquired the property experts and retired civic officials.There are 2.80 lakh properties, including 30,000 commercial, on AMC record. The area of the majority of the taxable residential units is up to 600 square feet (20x30 feet size). The tax is not levied upon the stairs and the construction of toilets. Hence, majorly the tax is levied upon 500 square feet area only. Besides, there are a large number of row houses, flats (1BHK, 2 BHK) and their built-up area are 500 square feet. The tax waiver will benefit 80 per cent of properties and the AMC will have to rely and survive on tax collection from 20 per cent of properties.Waste of Rs 10 crore?Accepting the proposal of AMC, the Aurangabad Smart City Development Corporation Limited (ASCDCL), under Smart City Mission, is spending Rs 10 crore on the GIS mapping project. The project aimed at bringing all or maximum properties on record and under the ambit of tax. If the tax is waived off then crores of rupees would be going to waste?BoxxxxxxxxxThree-tier property tax levying system (residential unit)Category Type of Construction Tax Per Square Feet (PSF) Tax on 500 square feet unitA Concrete Roof Rs 11 psf Rs 3,228B Wooden Roof Rs 10 psf Rs 2,906C Tin Roof Rs 9 psf Rs 2,641

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Aurangabad :80 pc properties in city to benefit property tax waiver

Lokmat News Network Aurangabad, Jan 4: The Brihanmumbai and Navi Mumbai Municipal Corporations have decided to waive off property ... ...