The Pune Municipal Corporation (PMC) has decided on a five per cent hike in rent in property tax.
It is applicable to properties that come in the net of property tax from April 1, 2021, onwards. Therefore, there will be a hike in property tax in new properties and not applicable to properties that have already been assessed.
The PMC tax department is claiming it is a regular exercise which is carried out after two years, however, the hike in newly assessed properties rent has been taken by PMC commissioner Vikram Kumar after the standing committee and the general body meeting rejected the proposal of an 11 per cent hike in property tax.
Rent hike reflects property tax bills
The property rent based on the ready reckoner rate is the rate of immovable property based on market value and stamp duty charged as per the Maharashtra Stamp Act, 1958.
News Source: Hindustan Times